Q: Last month I got a bill for my credit card and it was $1351.54. I had charges of $245.36 which I had not been billed for yet. I decided to completely pay off my credit card and close it. I paid a total of $1596.90 online and closed the account. Today I got a bill showing my payments and previous balance and new charges and a new balance of $29.88!
If they are billing my interest daily, I can never pay it off, because by the time they get the money and post it, I owe more interest!
Any suggestions? I have emailed them but not gotten an answer yet
A: Under the two-cycle method of calculating interest, which will be banned shortly, you could be billed residual interest from the prior month even though you paid the balance off.
