Depending on the billing cycle you may get another bill with interest on it. For example, you recieve your bill for say $500 dated Feb. 29 and due on March 21. You pay $500 on March 13. You would still have a bill coming for whatever interest charges accrued between Feb. 29 and March 13 when you made your payment.
When I want to truly eliminate a balance in one shot, I call the company and ask them what payment I would need to make on such and such day to close off the loan.
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