Current Events > should Interest charges be 40 dollars?

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Joeydollaz
05/12/20 1:07:57 PM
#1:


I pay them 200, they took 40 bucks a few days later

"Interest charges" it says

Is this their way of getting theirs, even if I didn't spend much?


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RetsuZaiZen
05/12/20 1:09:18 PM
#2:


Payday loan?

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lilORANG
05/12/20 1:10:54 PM
#3:


20% seems normal for some credit cards.
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Joeydollaz
05/12/20 1:12:58 PM
#4:


RetsuZaiZen posted...
Payday loan?

No is a real CC, I didn't spend anything on it for months, just been paying off,
No Transactions for months just payments and I noticed the 40 bucks "interest charges".

They must not want me to leave them and I am being punished?.

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Joeydollaz
05/12/20 1:14:22 PM
#5:


lilORANG posted...
20% seems normal for some credit cards.


Current credit card interest rates
https://www.bankrate.com/finance/credit-cards/current-interest-rates/

5/6/2020

16.22%

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SK8T3R215
05/12/20 1:14:37 PM
#6:


Interest charges are a %, not an amount.

If you want to avoid them then pay your entire balance.

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MC_BatCommander
05/12/20 1:15:54 PM
#7:


No, but luckily they are easily avoided by not running a balance every month

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Joeydollaz
05/12/20 1:17:05 PM
#8:


SK8T3R215 posted...
Interest charges are a %, not an amount.

If you want to avoid them then pay your entire balance.

I give them 100 more than the Minimum, I just talked to an Agent

she said this will go down in the summer time since I am almost fully paid off

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Master_Bass
05/12/20 1:17:18 PM
#9:


You haven't missed any payments or paid late have you? They might call their fee interest.

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Houston
05/12/20 1:19:22 PM
#10:


Joeydollaz posted...
I give them 100 more than the Minimum, I just talked to an Agent

she said this will go down in the summer time since I am almost fully paid off

It goes by your outstanding balance, not how much you paid in a specific month

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Joeydollaz
05/12/20 1:20:47 PM
#11:


Master_Bass posted...
You haven't missed any payments or paid late have you? They might call their fee interest.

Never.

I always see them taking their fee after I make a Payment, it is 10 bucks


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SK8T3R215
05/12/20 1:21:35 PM
#12:


Joeydollaz posted...
I give them 100 more than the Minimum, I just talked to an Agent

she said this will go down in the summer time since I am almost fully paid off

So you didn't pay the whole balance...thats why they're charging interest on the remaining unpaid balance.

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AngelsNAirwav3s
05/12/20 1:27:03 PM
#13:


Why did you get a credit card if you had no idea how they worked

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NES4EVER
05/12/20 1:32:46 PM
#14:


Interest is charged on the balance, not the amount you paid off..

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philsov
05/12/20 1:42:12 PM
#15:


Joeydollaz posted...
16.22%


APR; meaning monthly interest is about 1.35%.

If you have approximately $2962 outstanding, yes, $40 for interest is expected.
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