Chase Credit Card secret interest fees after paying off balance! Internet
I paid off my Chase credit card balance. It was over $4000. The next month I receive a bill for interest charges. Hey, I pay off the exact balance amount that they gave me and I pay it off ON TIME! But they still charge me intersest? What the heck kind of racket is this? I've called them twice but it's a waste of time. I'm determined not to give them another dime, but a little worried about the mounting late fees and interest charges. What to do.....
2 Updates & Rebuttals
Elance
Internet,USA
It's called Accrued Interest
#3Consumer Comment
Thu, February 21, 2013
I've worked for many Credit Card companies. You are not being ripped off, you are just bad at math.
Interest accrues daily. So, for example, if you owe $100 on April 1 and send in $100 dollars, the interest keeps building until your check is received. So even though you sent in the $100, you may owe 1 or 2 dollars in interest.
If this debt goes unpaid, it accrues additional fees and interest. It is in your favor to pay off the residual interest.
axamari
United States of Americasame thing here
#3Consumer Comment
Tue, February 12, 2013
Same thing happened to me. I paid off appx $860 and they actually held the payment until the day finance charges posted to my account. I have bank statements that show it but they didn't care. Hopefully you just closed the account and went elsewhere. I did.