- Centurion Member
- Posts: 221
- Joined: Sat Oct 23, 2010 1:51 pm
- Location: CA, USA
Because when you pay partially, grace period expires. When grace period expires, all purchases, regardless of when, will be charged of interest.
You see, each time you swipe your card interest begins to accumlate (interest is calculated daily). But you don't need to pay interest so long as you pay in full (grace period). When you failed to pay in full then you are required to pay calculated interest.
Is not ridiculous, it is business. You learned it in the hard way.
22.9% is normal for standard rate. Penalty APR usually goes from 25% to 30%.
In My Wallet:
Citi Forward (12/2010) | Citi TY Preferred (05/2011) | Chase Freedom (11/2011) | GECRB/PayPal (05/2012)
Discover it (07/2012) | AMEX BCP (09/2012) | TD/Target REDCard (10/2012) | Chase Ink Classic (11/2012)
BofA BBR (04/2013) | FNBO/Overstock.com (02/2014) | Barclaycard Arrival (04/2014) | FIA/Fidelity AMEX (04/2014)