How does interest accrue on credit cards?

Discuss anything related to interest rates & fees, like balance transfer offers, low rate cards, annual fees, etc.
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DGenerateKane
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How does interest accrue on credit cards?

Postby DGenerateKane » Fri Jul 06, 2012 1:57 am

So I just paid off my Freedom balance on the second which was my bill due date, which was the end of my 0% intro offer. I log in today and find a interest charge on my account on the 5th. I called and was told I was charged interest for the second, the day my bill was due and paid. Can someone explain how that accrual works?

I've always paid off my balances in full at the end of my intro offers before without this happening (Citi, American Express and Discover). I've had nothing but issues with Chase with all my accounts (except for my Sony Card which they no longer have thankfully) and find them the absolute worst financial company to deal with. I was able to get it credited after I made it clear that they would never see that fee paid.


Money card
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Postby Money card » Wed Aug 01, 2012 10:47 pm

Chase is stupid it has nothing to do with you.

what I would do if I were you I would call them speak to an account mgr, explain to them that you had a 0% interest rate up til July 2nd and you paid by the due date tell them to take off your interest.

how many times have you called to check on your final day of your 0% intro?

432521
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Postby 432521 » Wed Aug 01, 2012 11:02 pm

This is the way I explain it to myself... lol that sounds weird.

Okay so my billing cycle ends on the 18th of every month and my bill gets emailed to me usually on the 22nd of the month. So lets say I get my bill on July 22nd. On the bill it says that my minimum payment is due like August 19th. So I have until July 22nd (the day I first got my bill) until like 5pm EST on August 19th(the day my bill is due) to pay with no interest accruing. So as long as I pay my bill in full before the 19th of August I will pay NO interest. If I pay on August 20th I will interest will be accrued.

Sorry if that made no sense but it makes total sense in my head


What time did you pay your bill? They say that you have to pay by a certain time on the day your bill is due. So it could have been you paid your bill on the 2nd, but you paid at like 6:30pm, but Chase's deadline is say 5pm EST and since you paid an hour and 30 mins late they charge you interest.
March 2011- Wellsfargo Cash Back College Card
May 2012- Chase Freedom
May 2012- Discover IT
August 2012- American Express Blue Cash Everyday

DGenerateKane
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Postby DGenerateKane » Mon Aug 06, 2012 4:34 am

I use their autopay feature so I have no idea what time it goes through and is not my fault if it is late.



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