did you know...
Did you know that interest on credit cards accrues daily?! I had no idea.
I transfered one credit card balance (card High Interest) to another credit card (card 0%) to save on interest rates. Well, the amount I told card 0% to pay off card High Interest was $6.01 more than what was on my balance. So I thought to myself "I should pull credit card High Interest from my sock drawer and use it for $6 worth of gas." Well, I got back online to double check my High Interest balance, and there was a finance charge. I thought "How can there be a finance charge on a positive balance? Did I break the rules by paying more money? Heaven forbid." Called the bank, and was informed that since some of my transactions on card High Interest were for cash advances (overdraft protection) that interest is accrued daily and is posted at the end of the cycle. That seems SO WRONG to me. The bank lady said she would waive the fee. I wonder if it means the money gets put back on my card or if they just won't make me pay it...hmmmmmmmmmmm.
How bizaare. My goal is to have my credit card debt down to $0 by the time I get my MRS. Go me!
I transfered one credit card balance (card High Interest) to another credit card (card 0%) to save on interest rates. Well, the amount I told card 0% to pay off card High Interest was $6.01 more than what was on my balance. So I thought to myself "I should pull credit card High Interest from my sock drawer and use it for $6 worth of gas." Well, I got back online to double check my High Interest balance, and there was a finance charge. I thought "How can there be a finance charge on a positive balance? Did I break the rules by paying more money? Heaven forbid." Called the bank, and was informed that since some of my transactions on card High Interest were for cash advances (overdraft protection) that interest is accrued daily and is posted at the end of the cycle. That seems SO WRONG to me. The bank lady said she would waive the fee. I wonder if it means the money gets put back on my card or if they just won't make me pay it...hmmmmmmmmmmm.
How bizaare. My goal is to have my credit card debt down to $0 by the time I get my MRS. Go me!