I had a balance on a credit card and found another credit company with lower interest rate so I transferred the total balance from my card (Chase) to Bank of America. I cut up the Chase card after that.
Chase has since sent me statements with finance charges, even though I made no further purchases after transferring the total balance to another card. This doesn't seem right to me. Has anyone else encounter this?
2007-07-21 04:28:36 · 4 answers · asked by bfwh218 4 in Business & Finance ➔ Credit
Be sure that when you transferred the balance all of it got transferred and you got to a zero balance before the next billing date. I have done transfers in the past and had the new card pay a few dollars more than my last balance in order to show a credit balance on the old statement. The credit balance can be offset by a small purchase during a later billing period or, Chase will eventually refund the credit balance. Do call and ask they abate the interest, however.
2007-07-21 04:39:57 · answer #1 · answered by Malcolm K 2 · 0⤊ 0⤋
The finance charge assessed is the one which accrued from the period of the last charge assessed to the time that you transferred the debt. Card issuers charge interest by the DAY, and you are liable for every day Chase held the debt.
2007-07-21 04:37:27 · answer #2 · answered by acermill 7 · 1⤊ 0⤋
Call them up and ask. That happened to me when my card was stolen: they eliminated the charges but kept the finance charges until I called repeatedly and complained.
2007-07-21 04:33:12 · answer #3 · answered by Katherine W 7 · 0⤊ 0⤋
It's probably for the days between the end of one billing cycle to the next billing cycle. Nothing you can do but pay it and move on
2007-07-21 04:35:11 · answer #4 · answered by Anonymous · 0⤊ 0⤋