Watch your credit card statements

[Chasey_Lane]

I paid the full balance on a credit card December 27 (not due until Jan 6). I pay this card off in full every month that I use it, which is seldom, so there should have been no reason to accrue interest charges. Wrong! This credit card company now charges interest from day 1 of purchases made. What a crock!!

 

[awpitt]

I paid the full balance on a credit card December 27 (not due until Jan 6). I pay this card off in full every month that I use it, which is seldom, so there should have been no reason to accrue interest charges. Wrong! This credit card company now charges interest from day 1 of purchases made. What a crock!!

That sucks. Thanks for the alert. I've know CC companies to do wierd things with their billing cycles in the past. It used to be if you paid the full balance by the due date, you'd have no interest charges. Then they started basing it on the end of the billing cycle which would be totally different from the payment due date.

 

[Otter]

Did you know....In the CC biz, people who pay off their balance monthly are referred to as 'deadbeats'..

 

[GWguy]

Did you know....In the CC biz, people who pay off their balance monthly are referred to as 'deadbeats'..

Yup. They make no money of people who pay off immediately.


And I'm watching my credit card. It's on the desk in front of me. It doesn't seem to be doing anything strange. How long should I watch it?

 

[Vince]

Did you know....In the CC biz, people who pay off their balance monthly are referred to as 'deadbeats'..

Yup. They make no money of people who pay off immediately.
And I'm watching my credit card. It's on the desk in front of me. It doesn't seem to be doing anything strange. How long should I watch it?

Deadbeat, that's me. The last credit card company that sent me a notice telling me my interest rate was going up or there was a change in how they charged interest, I called them and sent their card through the shredder while I was on the phone with them. Now I get a dayum letter every week from Chase bank with an offer for their card.....again. It also goes through the shredder.

 

[blacklabman]

Yup. They make no money of people who pay off immediately.


And I'm watching my credit card. It's on the desk in front of me. It doesn't seem to be doing anything strange. How long should I watch it?

Not quite. The merchants pay a percentage when a card is used.

BTW, I remember a proposal that would allow the merchant to lower the price for a cash customer. Guess it didn't go too far.

 

[blacklabman]

Deadbeat, that's me. The last credit card company that sent me a notice telling me my interest rate was going up or there was a change in how they charged interest, I called them and sent their card through the shredder while I was on the phone with them. Now I get a dayum letter every week from Chase bank with an offer for their card.....again. It also goes through the shredder.

Be careful about getting rid of or reducing your cards. Your credit rating is based on your credit card limits and balances. Just make a token charge with each card once a month to keep your good credit rating.

 

[onebdzee]

Deadbeat, that's me. The last credit card company that sent me a notice telling me my interest rate was going up or there was a change in how they charged interest, I called them and sent their card through the shredder while I was on the phone with them. Now I get a dayum letter every week from Chase bank with an offer for their card.....again. It also goes through the shredder.

You should shred it and put it back in their pre-paid envelope and send it back to them....they like that

 

[GWguy]

Be careful about getting rid of or reducing your cards. Your credit rating is based on your credit card limits and balances. Just make a token charge with each card once a month to keep your good credit rating.

That was on the news last night. Canceling a credit card actually reduces your credit rating.

 

[Cowgirl]

You can shred a CC without canceling it.

 

[Baja28]

I just checked my Chase Statement. No interest charges but I paid off the $56.00 balance anyway.

Can someone loan me money for lunch?

 

[GWguy]

Can someone loan me money for lunch?

:crickets:

 

[Baja28]

:crickets:

Yea no chit.

 

[SoMDGirl42]

I just checked my Chase Statement. No interest charges but I paid off the $56.00 balance anyway.

Can someone loan me money for lunch?

sure, but it's 225% interest accrued hourly.

 

[Vince]

That was on the news last night. Canceling a credit card actually reduces your credit rating.

You can shred a CC without canceling it.

I cancelled it, and my credit rating is still very high. Not a problem.

 

[frequentflier]

Not quite. The merchants pay a percentage when a card is used.BTW, I remember a proposal that would allow the merchant to lower the price for a cash customer. Guess it didn't go too far.

They gouge the merchants esp w/ business credit cards and those gift cards every one gives out. It is one of the many high costs of doing business. I wish it were legal to give a cash discount. I had a lady yesterday that purchased $3 worth of stuff and felt bad because she didn't have $3 cash. She ended up buying something else to bring it up to $5; which I, as the merchant, probably paid 50 to 75 cents to run the transaction.
Another thing many people do not realize (and most don't care)is that the merchant is the one that pays more when you use a credit card that offers you rewards.