Paid off balance in full last month, still being charged interest?

[A_A_G]

Long story short, I paid off the balances of two of my cards in full on 2/25 with due dates of 3/8. I just checked and both are no longer at a $0 balance, they now have a small balance for interest charges of $3 & $10.

Is this right? Do I owe interest until the following month? One is through Chase and the other through Capital one.

[Pro88LX]

I know on a mortgage your payment is based on current month principal, but you pay interest for the previous month. i dont think that credit cards are the same though since theyre revolving, not installment.

[sc281]

Interest accrues throughout the month and only posts once a month. (Which is why you don't see interest charges showing each day.)

That is interest charges from the date of the last statement until the time you paid it off.

It's legit.

[A_A_G]

I see, so if I pay the interest off and keep the balances at zero, the follwing statements should have zero balances?

[mstng86]

no. then you get a no activity charge.





im just kidding

[A_A_G]

Fuckthat. Ill cancel the damn cards if that were the case

[Skidmark]

I see, so if I pay the interest off and keep the balances at zero, the follwing statements should have zero balances?

Correct. Unless you have an annual fee, then look out for that.

[The King]

Fuckthat. Ill cancel the damn cards if that were the case

If they don't charge an annual or inactivity fee, leave them open to improve your credit score by increasing the ratio of your available to used credit.

[01vnms4v]

If they don't charge an annual or inactivity fee, leave them open to improve your credit score by increasing the ratio of your available to used credit.

So true!

[sc281]

I see, so if I pay the interest off and keep the balances at zero, the follwing statements should have zero balances?

Yes.

[FordMustangLove]

zero balance is a no no for credit cards, your not going to up your fico score that way

[SS Junk]

zero balance is a no no for credit cards, your not going to up your fico score that way

You will if you use the card and pay it off every month.

[Skidmark]

zero balance is a no no for credit cards, your not going to up your fico score that way

How so?

[Txstang1]

zero balance is a no no for credit cards, your not going to up your fico score that way

Not true

[sc281]

zero balance is a no no for credit cards, your not going to up your fico score that way

Not true at all.

Fico factors avg age of accounts and balances in relation to limits. Having a 0 balance in no way affects your score negatively. In fact it helps because your utilization is at 0%, which is below the 25% utilization that they like to see.

Now the card company might close it if you aren't using it. Try to use at least once a quarter to be safe.