Avoiding Interest

[chrissy47454]

Originally Posted by shanecurran

I have a capitalone card. I ran a balance for several months and then I paid it off in full last month (statement balance). I was charged for interest on the next bill. I called capitalone and they credited back the interest charge. It is the second time this mistake has been made by capitalone, makes me wonder if they do it on purpose ho9ping the customer wont notice or is ignorant to their policies.

My first post ever. Hi!

This caught my eye, and in fact is the reason I registered on this site (just discovered it tonight and was browsing...). Every time I've EVER paid off a credit card I get a statement the following month with trailing interest. I've called about it before and have been told that there is a lag, and indeed, the interest is due. This has happened with Chase, WaMu, B of A....am I missing something????

[GrimJack]

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[JoshuaHeckathorn]

Originally Posted by chrissy47454

My first post ever. Hi!

This caught my eye, and in fact is the reason I registered on this site (just discovered it tonight and was browsing...). Every time I've EVER paid off a credit card I get a statement the following month with trailing interest. I've called about it before and have been told that there is a lag, and indeed, the interest is due. This has happened with Chase, WaMu, B of A....am I missing something????

This issue only arises for cardholders that carry balances, so be sure to always pay your credit cards in full each month and you won't have to deal with this. Anyway, residual or "trailing" interest is what credit issuers charge between when your statement is issued and when you actually pay your bill. If you want a true payoff amount, you'll need to call them and find out exactly how much it will cost to pay off your balance on the date you expect payment to go through. If you just pay the amount due shown on your statement, chances are you're going to get hit with some residual interest.