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Wow. I knew that balance transfers had similarly terrible rules, but I hadn't realized that normal usage can end up like this too. That's so... predatory. How i
by dataflow 6y ago
Wow. I knew that balance transfers had similarly terrible rules, but I hadn't realized that normal usage can end up like this too. That's so... predatory. How is this even legal? If you pay everything in full such that your balance is $0 on a given day, what are they even charging interest on at the end of the billing cycle? The grace period just goes away for the whole billing period?
- jjav 6y ago> such that your balance is $0 on a given day I'm not sure about that one. Maybe getting the balance to zero on any given day (not just cycle closing day) is enough to reset the account? I don't know. But I know they'll keep charging interest every month even if you pay in full every month, once the account goes into that state due to a single delayed payment. Looks like it's called residual interest? https://www.thepennyhoarder.com/debt/residual-interest/ https://www.thepennyhoarder.com/debt/residual-interest/