After half hour of arguing with them, I still don't know why they charged me interest while I paid the card in full.



For the sake of argument, let's say my bill is due on the 25th of every month and my billing cycle is from the 29th of one month to the 28th of the next month.



On 4/26 I found out that my web payment with them did not go through on the 25 as I had set it up.  I call them at 6 am on the 26th and stated that I had just set the payment up (again) and I asked if there would be any late charges/fees.  They explained that I had to call when I received my statement (4/28).  BTW, payment was in full, as I always do.



On 4/28 the statement said I had a $44 charge for being late one day (6 hours to be exact).  I called them as I was instructed on the 26th and they stated they would wave the fee due to me always paying on time.



On 5/25 credit card is due again.  The $44 was waived!  I paid the card (in full again) on the 23rd (2 days before due date).



On 5/28 I receive May's statement and it has a interest charge of $34.  



I called to complain, and I was told that I need to make 2 full payments on time.  Well, my payments are always full and on time, except for their glitch on 4/25, which they corrected.  So, where is this $34 coming from????  Why am I paying interest on a balance that was paid 2 days prior to it's due date????



I'm either too stupid, or they are a scam.  I always thought that when you pay your card in full and ontime you pay no interest.  This is the first card I ever have a problem like this.  Can anyone explain to me what I am missing????????

When you pay (online?) do you initiate the payment from their website or from your bank's?

I have a Citi card, and when I go to their website to tell them to withdraw funds from my checking account I'm credited immediately.

If I went to the Region's site and sent the money from there it could take a few days, or longer with weekends, holidays, posting cycles, etc.


If you are using the credit card's site and this is happening I'd change cards to one with another setup.

My first thought was Two Cycle Billing
LINK

But your case doesn't sound like it would have applied in such a short time frame.

Why is water wet?  Who knows with these jokers.  Why am I charged $10 /month for free checking if I stay above my minimum balance?  

It seems they charge these fees assuming you aren't usually paying attention.  They reverse when you complain most of the time.  How many people don't complain?

Probably went to a no grace period or 15 days before charges start to accrue. You used to have a 25 or 30 day grace period, I'd bet that has changed.

Because it's Capital One and they suck hippo nuts.

I pay mine 10 days before the due date or make more than one payment a month. (Paying off each time). Online banking makes it too easy to pay it more often.

Your payment was late.  They waived the late fee but did not waive the interest.  Most likely the account has to be paid in full on time to avoid interest charges. It is your responsibility to make sure your payment arrives in times. You may not think it's fair but that's how banks operate.

Posted Via AR15.Com Mobile

This.

Yes this too.  I tend to prefer the hometown banks over corporate giants.

Very well may be this. Don't wait til the last day or two to pay the payment.

Just because they waive the fee doesn't mean you weren't late, as lame as it is in this case. The system didn't negate that aspect of it, just the late fee.

Credit cards are EVIL.  

I had one that would set the payment due date to a Sunday or Monday, and the check I sent in would get there Friday, but they wouldn't credit it to my account until Monday, and BAM!  $29 late fee!  I called and bitched and got two months of late fees waived and griped that they made the due date on a weekend, yet still counted a check arriving on the weekend or at least the first business day AFTER the weekend as late.  Slimy Slimy Slimy practice.

damn it!!!! you fed the bears, dont EVER feed the bears!!!!! they get used to it and you cant get rid of them!

Did  you have a couple hundred bucks on the balance when it was "late"?

If so I'd say that's where the $34 came from.

Yes, they waived their fee, but the interest charge kicked in the second it went over due.

Local Credit Union FTW.

Your due date is not your statement date.  For example you statement might close on the 15th of the month but they will give you until the 25th to pay it and not consider it late.  You are charged interest on the balance between the statement closing date and when you actually pay it.  Also a lot of cards are going to a shorter cycle like 20 days for new purchases. Since you only pay every 30 days there is a 10 day period where new purchases will be charged interest before the statement closes.  Then you are charged interest on that balance plus the 10 days of interest they already tacked on to your bill

Other cards use your average balance for the month.  If you start charging things as soon as you pay it off in full, your average monthly balance will still be very high because you only had a day or two of a zero balance.

Thanks to all the responses!  I think the above post has nailed it about the short cycle.  They are a 25 day cycle and not 30 as I was used to.  



No sense in worrying about when my first purchase was made during the month.  I'll look for a different card! And start paying it off 10 days before it is due!!!

I had a Citibank card once that liked to pull shit like this.  The final straw for me was they kept changing the the damned due dates. Some months, it would be due the first of the month, some months mid-month.  I had the account set up on auto pay and if I had not been closely monitoring the account, would have been hit with bogus late fees.

Never, ever, EVER wait until the day the credit card payment is actually due, to make the payment.

Because if there's a glitch (and friends, there will always be a glitch at some point), you will be systematically ass-raped due to the "late" payment.

Just pay your bill at least five business days before it's due, and you won't need to worry about it.

Today I got a offer from Capital One for a credit card.  I tore that bastard up into little pieces.


Vulcan94