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Credit card finance charge
Posted by yaofeng [Email] (more from yaofeng) on Thu, 8 Oct 2009 11:00:04
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How many of you read the fine prints of your credit card agreement? I don't. But from past experience I know if I let the monthly bill past due I pay a penalty plus finance charge calculated based on an obscene interests rate on the daily balance through the billing cycle, something or rather. Naturally we pay off our credit card bill every month. But there are occasional lapses we let it past due. Last month was one of the occasions. We got socked by Captipal One $35 penalty plus over $100 finance charge. It was our mistake. We have no recourse but to pay the penalty.
To reduce further charges I did what I do in the past overpaying the bank. I paid $5000 over the amount of the bill hoping the finance charge will stop right away since it is calculated based on the daily balance. But I never really find out how exactly it works. It goes without saying if my daily balance is positive the bank does not pay me the high interests. My guess is likely it pays me no interests at all. Can those of you who have read the fine prints or those who know give me the run down?
posted by 96.56.19...
Posts in this Thread:
- Credit card finance charge, yaofeng, Thu, 8 Oct 2009 11:00:04 <-- Viewing This Message
- Redemption enclosed within, MJP, Fri, 16 Oct 2009 20:38:22
- your going to piss your credit card comp. off, vvack0matic
, Sun, 11 Oct 2009 07:02:13 - Re: Credit card finance charge, No Snaab, Fri, 9 Oct 2009 17:53:18
- Re: Credit card finance charge, swede-murphy
, Thu, 8 Oct 2009 21:16:10 - Re: Credit card finance charge, TML
, Thu, 8 Oct 2009 19:01:50 - If you have a good history and company,, EricG, Thu, 8 Oct 2009 18:30:11
- Two things, Rod
, Thu, 8 Oct 2009 18:10:14 - Re: Credit card finance charge, EGD
, Thu, 8 Oct 2009 13:02:33
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