Edit: Never mind every bank does things its own way

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4ktvs
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Edit: Never mind every bank does things its own way

Postby 4ktvs » Thu Jan 14, 2016 11:59 am

Well my first statement cut for my 1k FNBO card and oddly a balance was subject to the %11(v) interest rate but they charged me $0 interest.

Should I contact them about this or leave it alone since they didn't add an interest charge to my bill?

I have read two years worth of statements and never have I seen this happen before. I think it must be an error in the billing system as none of the balance should be subject to the interest rate.

The terms state that so long as the balance is paid by the due date that they claim is normally 21 days after cut that there would be no balance subject to interest yet there is a balance that is claimed to be subject to interest on the statement.
Last edited by 4ktvs on Thu Jan 14, 2016 5:22 pm, edited 1 time in total.


Tubpbs
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Re: FNBO has a balance subject to interest on first statement

Postby Tubpbs » Thu Jan 14, 2016 3:02 pm

4ktvs wrote:Well my first statement cut for my 1k FNBO card and oddly a balance was subject to the %11(v) interest rate but they charged me $0 interest.

Should I contact them about this or leave it alone since they didn't add an interest charge to my bill?

I have read two years worth of statements and never have I seen this happen before. I think it must be an error in the billing system as none of the balance should be subject to the interest rate.

The terms state that so long as the balance is paid by the due date that they claim is normally 21 days after cut that there would be no balance subject to interest yet there is a balance that is claimed to be subject to interest on the statement.


Can you clarify "subject to interest" - couldn't that just mean that if that specific balance isn't paid in full by the due date that there will be interest changed on it? Or whatever is left of it...
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4ktvs
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Re: FNBO has a balance subject to interest on first statement

Postby 4ktvs » Thu Jan 14, 2016 5:25 pm

Tubpbs wrote:
4ktvs wrote:Well my first statement cut for my 1k FNBO card and oddly a balance was subject to the %11(v) interest rate but they charged me $0 interest.

Should I contact them about this or leave it alone since they didn't add an interest charge to my bill?

I have read two years worth of statements and never have I seen this happen before. I think it must be an error in the billing system as none of the balance should be subject to the interest rate.

The terms state that so long as the balance is paid by the due date that they claim is normally 21 days after cut that there would be no balance subject to interest yet there is a balance that is claimed to be subject to interest on the statement.


Can you clarify "subject to interest" - couldn't that just mean that if that specific balance isn't paid in full by the due date that there will be interest changed on it? Or whatever is left of it...


That is what it more or less says in this case. thanks

Tubpbs
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Re: Edit: Never mind every bank does things it's own way

Postby Tubpbs » Thu Jan 14, 2016 5:55 pm

Yessir.
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takeshi
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Re: Edit: Never mind every bank does things it's own way

Postby takeshi » Fri Jan 15, 2016 10:04 am

Creditors can differ a bit but generally as long as you pay a statement balance in full by its due date it will not be subject to interest.

It doesn't make sense how a balance on a first statement would be subject to interest. At statement end you should be in your grace period through the due date. They're probably indicating that it would be subject to the interest if not paid in full by the due date. I'd suggest calling FNBO to clarify.



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