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I'm 39 years old and apparently still don't fully understand credit cards
Posted on 1/2/24 at 8:02 pm
Posted on 1/2/24 at 8:02 pm
Disclaimer: in my defense I religiously pay off balances each month, so paying interest is foreign unless I mess up.
So I messed up: I use online pay but enter them manually and fat fingered a date. Payoff was two days late, so I got hit with the fees and interest. Fine, my own fault, I accept it. Schedule the full payment.
Now, here's where I'm confused: my next statement has a higher interest payment than the prior one! Ok, I get that my 2 day late payment went to the fee and interest before the principal. But shouldn't I be paying at most the interest on the small chunk of principal left from the first statement, not all of it accumulated? The spending was nearly identical. What the hell am I not understanding here?
So I messed up: I use online pay but enter them manually and fat fingered a date. Payoff was two days late, so I got hit with the fees and interest. Fine, my own fault, I accept it. Schedule the full payment.
Now, here's where I'm confused: my next statement has a higher interest payment than the prior one! Ok, I get that my 2 day late payment went to the fee and interest before the principal. But shouldn't I be paying at most the interest on the small chunk of principal left from the first statement, not all of it accumulated? The spending was nearly identical. What the hell am I not understanding here?
8
Posted on 1/2/24 at 8:15 pm to SECMeanSmore
Sounds like a statement cycle issue.
Did you increase the second month’s payment to cover the balance plus interest from month 1?
Did you increase the second month’s payment to cover the balance plus interest from month 1?
Posted on 1/2/24 at 8:21 pm to SECMeanSmore
Late payments are treated differently than on time minimum payments. You likely triggered a clause in your contract that jacked up the interest rate. If you've actually been an on time payer thus far, I would call the credit card company and see if you can get a one time reversal.
Posted on 1/2/24 at 8:25 pm to Joshjrn
Also, I understand not wanting to do auto payments, but eventually I did it because the alternative is a PITA like you're experiencing right now.
Posted on 1/2/24 at 8:26 pm to Teddy Ruxpin
quote:
Also, I understand not wanting to do auto payments, but eventually I did it because the alternative is a PITA like you're experiencing right now.
Yeah, took a fair bit of self control to simply answer the question asked and not get on an anti-Luddite soapbox
Posted on 1/2/24 at 8:36 pm to SECMeanSmore
quote:
So I messed up: I use online pay but enter them manually and fat fingered a date. Payoff was two days late, so I got hit with the fees and interest. Fine, my own fault, I accept it. Schedule the full payment.
Call the credit card company. If they’re worth a shite (CapOne in my case), they’ll note it’s your first time and undo the added charges when they see the payment came in.
Posted on 1/2/24 at 8:53 pm to SECMeanSmore
quote:
But shouldn't I be paying at most the interest on the small chunk of principal left from the first statement, not all of it accumulated? The spending was nearly identical. What the hell am I not understanding here?
Likely you no longer have the grace period so interest on every purchase starts as soon as you charge the purchase to the card. To stop this you will need to pay off the entire balance now, as in tonight. You have to bring the balance to zero.
Posted on 1/2/24 at 9:43 pm to GoldenGuy
quote:The one time I forgot to pay Capital One took care of it. I now autopay for this reason.
Call the credit card company. If they’re worth a shite (CapOne in my case), they’ll note it’s your first time and undo the added charges when they see the payment came in.
Posted on 1/3/24 at 8:21 am to SECMeanSmore
Not paying the balance in full by the due date means the interest for the next cycle is based on the average balance on the account during that cycle not the statement end balance.
So, since the balance is increasing with new purchases you've made, the interest amount also increases.
So, since the balance is increasing with new purchases you've made, the interest amount also increases.
Posted on 1/3/24 at 8:30 am to saderade
quote:
The one time I forgot to pay Capital One took care of it. I now autopay for this reason.
I had a streak of two or three new cards in a row with Chase that I would forget to add that card to autopay when I got it. Had to do the "I know, I'm an idiot, I've added it to autopay now, please reverse it" each time
Still annoys me that I can't just tick a box that adds any future new card to autopay
Posted on 1/3/24 at 9:12 am to SECMeanSmore
If you call they almost for sure will waive the interest/late fee
Posted on 1/3/24 at 1:56 pm to Joshjrn
Any time I hit up Bank of America for an Alaska card they get me. I feel like an 80 year old man figuring out how their auto pay works.
Agree on Chase. Come on. At one point I recall I had to put in the bank info each time too but I think that's fixed?
Agree on Chase. Come on. At one point I recall I had to put in the bank info each time too but I think that's fixed?
This post was edited on 1/3/24 at 1:58 pm
Posted on 1/3/24 at 3:03 pm to SECMeanSmore
Just call them and ask for a redo. They will see that you are well established with them and take off the charges. You can’t do that every month but definitely every once in a while
Posted on 1/3/24 at 4:10 pm to SECMeanSmore
I would just call and they will forgive the interest payments.
Funny enough the same thing happened to me last month. I always pay my credit card in full every single month. With the holidays I forgot to pay my credit card and had late fees and interest payments which pissed me off because I’ve never had to pay those penalties in my life. When I called they knew I’ve had a card with them for well over a decade and they forgave it immediately no questions asked. Gave me a full credit on my next statement cycle for all the late fees and interest.
Funny enough the same thing happened to me last month. I always pay my credit card in full every single month. With the holidays I forgot to pay my credit card and had late fees and interest payments which pissed me off because I’ve never had to pay those penalties in my life. When I called they knew I’ve had a card with them for well over a decade and they forgave it immediately no questions asked. Gave me a full credit on my next statement cycle for all the late fees and interest.
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