Why am I being charged interest on my credit card?

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Why am I being charged interest on my credit card?

Postby az1518 » Wed Jan 12, 2011 2:05 pm

As the title says, I don't understand why I am being charged interest. I'll give you a breakdown of my last two citicard statements. My statement ending December 9th shows a new balance of $1123.12 with a due date of January 7th. I had a previous balance of 1093 and paid off that entire balance before the due date. On January 7th, I made an on time payment to my card of that amount, and yet I was charged like almost $30 in interest. I thought, as it says in the back of my statement, that if I pay my new balance in full, no interest would be charged. Can someone show me where I am going wrong?

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Postby Smerri » Wed Jan 12, 2011 3:29 pm

Did you try calling them and asking?

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Postby alsteig » Mon Jan 31, 2011 12:35 pm

My guess is annual fee? Call and ask

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Postby jeffysdad » Mon Jan 31, 2011 2:15 pm

Also find out how long your grace period is; should be at least 20 days.
American Express: Blue Cash Preferred (groceries, 6%; gas, department store, 3%); Gold Delta SkyMiles (Delta Air Lines, 2 miles/dollar, free checked bag).
US Bank: Cash+ (utilities, phone, internet, restaurant, 5%; drugstores, 2%).
FIA Card Services: Fidelity Amex (everything, 2%); Fidelity Visa (everything, 1.5%).
Chase: Freedom (rotating, 5%); Amazon (Amazon.com, 3%); PriorityClub (IHG hotels, 5 points/dollar); Sapphire (not in use).

*All cards are registered with PriorityClub IDine program for 8 points/dollar at participating restaurants.

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Postby Mogul of Pineapples » Sun Feb 06, 2011 7:01 pm

Are you sure you paid off the entire balance on the previous statement? If not that would explain the $30 interest, because you would have been charged for that billing cycle.
Disclosure: I am a moderator/paid staff of this site, which does have advertising relationships with some credit cards that are discussed and linked to. Regardless, anything I say is my honest opinion.

Current Cards:
American Express: Blue Cash, Simply Cash Bank of America: WorldPoints Platinum Plus Chase: Amazon, British Airways, Cash Plus Rewards, Freedom, Ink Cash Citi: Thank You Premier, Dividend Platinum Select Discover: More
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