Is this right?

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paparoach429
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Is this right?

Postby paparoach429 » Wed Jul 10, 2013 11:31 pm

So my statement just posted for my CSP and its showing a 23.50 interest charge for last month. I had like $4500 charged to the card last month but before the due date I payed roughly $4450 (carrying a $50 balance). I was expecting to pay interest on the remaining $50 not whatever they are charging me for.. Does this sound right?


MemberSince99
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Postby MemberSince99 » Thu Jul 11, 2013 6:52 am

No. Must be something else going on there, I'd call them, at least you get to talk with a human being right off the bat.

Daniel
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Postby Daniel » Thu Jul 11, 2013 11:13 am

paparoach429 wrote:So my statement just posted for my CSP and its showing a 23.50 interest charge for last month. I had like $4500 charged to the card last month but before the due date I payed roughly $4450 (carrying a $50 balance). I was expecting to pay interest on the remaining $50 not whatever they are charging me for.. Does this sound right?


I have a feeling that they must have miscalculated and charged you interest on the average daily balance of your account... sounds pretty screwy to me if that isn't in line with the T's & C's of your cardholder agreement state.

takeshi
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Postby takeshi » Sat Jul 13, 2013 5:16 pm

What about prior balance? Was it 0?

DavidNY
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Postby DavidNY » Sat Jul 13, 2013 5:51 pm

paparoach429 wrote:So my statement just posted for my CSP and its showing a 23.50 interest charge for last month. I had like $4500 charged to the card last month but before the due date I payed roughly $4450 (carrying a $50 balance). I was expecting to pay interest on the remaining $50 not whatever they are charging me for.. Does this sound right?


It does seem a bit high even though you didn't PIF.

paparoach429
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Postby paparoach429 » Sat Jul 13, 2013 9:46 pm

The prior balance was like $2000 something.. I had paid interest on that already though. The second month, before the bill was due I paid it down to $50.

MemberSince99
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Postby MemberSince99 » Sun Jul 14, 2013 6:55 am

I guess you need to give them a call then.

flan
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Postby flan » Sun Jul 14, 2013 10:32 am

Daniel wrote:I have a feeling that they must have miscalculated and charged you interest on the average daily balance of your account... sounds pretty screwy to me if that isn't in line with the T's & C's of your cardholder agreement state.


That's chase's normal interest rate mechanism.

paparoach429
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Postby paparoach429 » Sun Jul 14, 2013 1:49 pm

That's how Chase normally works? Interest is calculated all month rather than the balance carried?

mattymatt808
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Postby mattymatt808 » Sun Jul 14, 2013 3:04 pm

My Rates and Fees tables for both my Freedom and CSP say "We use the daily balance method."
$2500 First Hawaiian Bank (6/10)
$4500 CHASE Freedom (2/13)
$3500 Citi Forward (2/13)
$2000 Discover it (2/13)
$9600 AMEX BCE (3/13)
$10000 CHASE Sapphire Preferred (7/13)
$5000 CHASE Ink Plus (8/13)



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