Cookies Galore
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Post by Cookies Galore on Jun 15, 2011 16:51:44 GMT -5
Last month I paid my final credit card (Chase). Today, I got a statement from them with a balance of $1 for a minimum interest charge. I have never seen this for any of the other cards I paid off in the past. I paid the balance of the card on 5/26 and the statement period was for 5/11-6/10. Sooo.... is this actual interest accrued during the statement period or are they wanting my dollar that bad? The card is closed so it's not like I can threaten to take my business elsewhere.
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Angel!
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Post by Angel! on Jun 15, 2011 16:55:04 GMT -5
It is likely the interest accrued between 5/11-5/26 for the balance you carried during that time. I think a lot of cards just write off that last bit because it probably costs as much to send a statement & process the payment as the amount they are trying to bill.
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Knee Deep in Water Chloe
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Post by Knee Deep in Water Chloe on Jun 15, 2011 16:56:13 GMT -5
I have had that happen, and it's damned annoying. Call them. They should take it off, at least Citi did when I called. Yay for paying off the card!
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raeoflyte
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Post by raeoflyte on Jun 15, 2011 16:58:45 GMT -5
Chase did that to me to. I would call and ask that they waive it.
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thyme4change
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Post by thyme4change on Jun 15, 2011 17:05:32 GMT -5
Or, send them a check for one dollar.
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Cookies Galore
Senior Associate
I don't need no instructions to know how to rock
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Post by Cookies Galore on Jun 15, 2011 18:05:00 GMT -5
Oh. Uh, that was easy.
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april47
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Post by april47 on Jun 15, 2011 21:02:15 GMT -5
Earlier this year I paid Chase off a large amount after the sale of my house. I paid them the balance owed that showed online. A month later I got a bill for $23.00 for interest. I called them and they credited me without problem. I chose to close my account while I had them on the phone. I know some say don't close accounts but I didn't want to deal with Chase any longer.
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swamp
Community Leader
THEY’RE EATING THE DOGS!!!!!!!
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Post by swamp on Jun 16, 2011 8:52:42 GMT -5
I know some say don't close accounts but I didn't want to deal with Chase any longer. I don't agree with that. If a credit card company is pissing me off, the account is getting closed, I can always find another credit card. I can't imagine it makes that much of a difference in my credit score..............
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8 Bit WWBG
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Post by 8 Bit WWBG on Jun 16, 2011 9:27:39 GMT -5
...:::"Sooo.... is this actual interest accrued during the statement period or are they wanting my dollar that bad? The card is closed so it's not like I can threaten to take my business elsewhere.":::...
I've had this happen too, because of that 2-cycle billing nonsense. Instead of calculating your finance charge based on the 30 days of one cycle, they do it based on 60 days. Its a great way to squeeze a few more pennies out of you. Once you have a zero balance for two consecutive statements, you should stop seeing this.
I would send in a check (make them spend $2 to process a payment for $1) and be done with it.
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Wisconsin Beth
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Post by Wisconsin Beth on Jun 16, 2011 9:40:46 GMT -5
I've always just cussed and written out the check.
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Tiny
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Post by Tiny on Jun 16, 2011 10:08:11 GMT -5
In theory, your CC agreement probably has a bit of blurbage about not being charged (or not having to pay?) a 'minimum interest charge' of X dollar(s) - since you got billed for $1.00 the minimum is probably less than $1.00.
Also in theory, because the $1.00 has been acrueeing interest your actual balance could be $1.01.
In theory, when you get down to your last payment on a credit card you can call the CC and ask what the 'payoff' amount is and then pay that amount (the payoff amount should include any extra bits of interest....)
You can do one of the following: Call the CC and ask if they'll remove the $1.00 balance... OR write them a check for $1.25 and pay the bill.
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thyme4change
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Post by thyme4change on Jun 16, 2011 13:23:14 GMT -5
Did you call them?
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Cookies Galore
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I don't need no instructions to know how to rock
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Post by Cookies Galore on Jun 16, 2011 14:39:53 GMT -5
Yeah, it took, like, two seconds. The chick on the other line laughed and took care of it before I even finished talking.
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zibazinski
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Post by zibazinski on Jun 16, 2011 15:12:47 GMT -5
I just closed a card-Mastercard-with a 24k limit on it because they wanted to charge me $49 to keep it open. I don't know ANYONE who pays for a cc now and I sure wasn't going to be the first. I expected to get a call asking me to come back but no luck. I am sure my credit rating took a hit but I really don't care since I am not looking for credit any time soon.
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