Not crazy about Chase....

[Julia M]

Basically, if you pay all of your charges in full during the first billing cycle & thereafter you won't get finance charges... if you miss one month of paying in full you'll get billed finance charges every day up until the day that you pay that balance off...so even though you've paid the current balance in full (again) you'll get some residual finance charges... then the cycle of no finance charges can start all over again...

Did that make sense?

Well, they billed me finace charges for the month prior to my balance, and the guy I talked to even admitted it was wrong, and credited me half of teh finance charge.

I will admit to being a novice on running a balance (I seldon, if ever, do), and I was upset when I saw the finance charge again. They credited it back again, probably deciding the charge wasn't worth an angry customer??? (I don't know)

So, if I do, for soem reason, run a balance, it's better to make a payment early in the month to pay it off, rather than later?

Julia

 

[CarolA]

Offtopic but in reply to info on this thread I think it's good news that BOA is buying out MBNA. LOVE BOA!!! MBNA sucks, they wait until you're running a high balance then jack your interest rate up to over 25% so if you don't have any other options you're stuck with paying this outragious rate and they know they have you in a corner. Funny how quick they are to offer you deals when you pay off the card and stop using it

Calie

While I haven't had this problem I agree. MBNA SUCKS! LOL! (They once removed a $1,000 payment and reposted it 5 days later so that I got a LATE CHARGE and interest. This was actually printed on the statement and I had to FIGHT with them to get the charges reversed even thought they admitted it was their error "we don't normally reverse these" While I understand that if I had been late, but this was flat out an attempt to run up extra revenue! I would like to think it was a system error, but I had been lied to so much by them that....

The only reason I kept that card was that they did not charge the markup on international charges. Of course this year they started charging so they are GONE!

 

[drgnfly30]

So, if I do, for soem reason, run a balance, it's better to make a payment early in the month to pay it off, rather than later?
Julia

Your finance charges are calculated on an average daily balance so, yes if your balance is reduced earlier in your billing cycle, then your average daily balance (if no new charges come in) would be lower for the month which equals less finance charges.