Credit Card Interest Question

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American
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Credit Card Interest Question

Postby American » Thu Aug 09, 2012 7:03 pm

So okay, I talked to a Amex rep today about this $20 interest charge. I've never heard this before, and I want to make sure I'm not dumb. I've never paid interest on a card, so I'm hazy on the interest rules.

I had a $1600 balance on a card with 15% interest, so I paid $100 sometime in late July, and the card was due on August 2nd. I missed the payment period cut off for that day, so my full payment posted on August 3rd for the remaining $1500.

So today, I received an alert from Mint today that said I was charge $20 for financing. Basically, the rep explained that because I was 1 day late from the due date makes my entire month of charges subject to interest, so they take the average daily balance and apply 15% interest.

Not only that, I have a statement that posted today that has $500 due on September 2nd, and that $500 is being charged interest right now because my balance is not $0. He said I lost my grace period. Any charges made on the card will be charged interest immediately.

I'm blown away. I paid my minimum payment at least before the 2nd, and I paid my balance 1 day late, so I'm being charged interest constantly?

It just does not seem right. The Amex rep just kept repeating this is how the government regulates it…

Does this sound right?
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agp
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Postby agp » Thu Aug 09, 2012 7:06 pm

Sounds about right. Call and ask nicely, and you can probably get one interest charge waived. Just say you misread your calendar and forgot.

Main Card: Amex Platinum
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American
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Postby American » Thu Aug 09, 2012 7:23 pm

agp wrote:Sounds about right. Call and ask nicely, and you can probably get one interest charge waived. Just say you misread your calendar and forgot.


I did, and the dude was all like this is the federal government is bustin our nuts over these laws brah, can't do it. We all know there is a big ass "Remove Interest" button.

Womp, womp, womp.
American Express '02: Platinum, Blue Cash Preferred 6k, SPG 2k, Delta Gold 1k
Barclaycard '11: Apple Financing Card 2.5k
Citi: Diamond Rewards 1.5k
Chase: Freedom 500
Discover '12: Discover IT 1.5k

agp
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Location: US&A

Postby agp » Thu Aug 09, 2012 7:48 pm

Was this a CSR? Try calling the credit department. Or try calling the CSR again and hope for someone easier to talk to.

Main Card: Amex Platinum
For gas: Penfed Platinum Cash Rewards
For travel & dining: Chase Sapphire Preferred

jlam572
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Postby jlam572 » Thu Aug 09, 2012 9:17 pm

American wrote:I did, and the dude was all like this is the federal government is bustin our nuts over these laws brah, can't do it. We all know there is a big ass "Remove Interest" button.

Womp, womp, womp.


brah? was he here in hawaii? haha. sounds pidgin. Ho brah no can changeum fo you
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