Credit One

[iswmle]

Had to cancel it today. I was desperate when I applied for the card because at the time I was in a position where I had to rent a car. I kept it and was using it to pay myfico and netflix. I was NOT getting why was I still accruing interest if I PIF my balance every month?

Called customer svs today to simply ask: What is my ending balance for the month of May? What is the min I have to pay to accrue no interest? The rep was NOT understanding me, and after going around the block with him he transferred me to a sup.

Sup told me my ending balance and then explained: interest accrues DAILY. From the moment the purchase is made. I'm not talking cash advances here (where it is common that interest adds daily) but REGULAR purchases.

I know with my BK I am a beggar who cannot be a chooser, but I believe that is craziness! I cancelled it.

Then I went to Orchard, who one month ago weren't even willing to offer me a secured card. I don't know what has happened in a month's time, but they approved me for $300, which is the same limit as the Credit One card, albeit with an annual fee. It sucks, but that is just where I am at. I did call and make sure the interest doesn't accrue daily. I was assured it only does in the case of cash advances, balance transfers, convenience checks.

>sigh< This rebuilding credit is a harrowing road for me.

[lblanchette]

Are you saying that they are charging you interest on items that you used the card for even though you already paid them off? I don't understand.

[malf1204]

I thought the credit card law required a grace period?

[IBroke]

Are you saying that they are charging you interest on items that you used the card for even though you already paid them off? I don't understand.

If you buy an item on the 20th and pay it off on the 30th, you will be charged interest for 10 days.

[malf1204]

was that disclosed upfront?

[lblanchette]

If you buy an item on the 20th and pay it off on the 30th, you will be charged interest for 10 days.

I guess that's why I got charged a minimum of $1 in interest then. Oh well, small price to pay for credit these days. They will get us one way or another, but I am just happy to have the card. They have already increased my limit b $100 and I have only had the card for 2 months.

[IBroke]

I guess that's why I got charged a minimum of $1 in interest then. Oh well, small price to pay for credit these days. They will get us one way or another, but I am just happy to have the card. They have already increased my limit b $100 and I have only had the card for 2 months.

I have them as well and I have to say that it was clear to me that there was no grace period when I obtained the card. To be fair, they disclosed that right away.

[lblanchette]

I'm not upset with the card, just using it to build credit. In fact, it's the first time that I paid interest on the card. However, I have to use it next month to rent a car, hope that I can pay that off before the bill comes in to avoid any interest.

[IBroke]

I'm not upset with the card, just using it to build credit. In fact, it's the first time that I paid interest on the card. However, I have to use it next month to rent a car, hope that I can pay that off before the bill comes in to avoid any interest.

You can't avoid interest due to the lack of a grace-period. You can, however, reduce it.

[iswmle]

Are you saying that they are charging you interest on items that you used the card for even though you already paid them off? I don't understand.

It is the same thing as a cash advance... with cash advances you accrue interest daily... with the Credit One card you accrue interest daily on EVRYTHING you put on the card.

I thought the credit card law required a grace period?

I thought all purchases require a grace period as well, but that is apparently not the case.

I have them as well and I have to say that it was clear to me that there was no grace period when I obtained the card. To be fair, they disclosed that right away.

Oh, I completely blame myself for not reading carefully, and I know it was disclosed and I bypassed it. I looked at the AF and APR. Lesson learned.

[BankruptinNJ]

Back when I had a Providian credit card, I would pay the entire bill as soon as it showed up online (usually two days, long before it was due) I wasn't allowed to make a payment when the balance was zero. (I was responsible then).

I kept noticing that I would be socked with a $1.00 charge even though I had paid the bill. I called Providian up in frustration, and they told me about the "daily interest". I told them I would close the card. They immediately removed the $1.00 and I never had another problem, until of course I went haywire and racked up huge bills and ended up BK'ing them.

Ironically, Providian was swallowed up by Washington Mutual, and now they're both gone. Or I should say that WaMu was seized and is now part of Chase!

WaMu was the biggest bank failure in U.S. history!

[SPalin]

When I pay in full my CreditOne balance, no interest charge for my account, only if there is a carryover balance! Unlike BestBuyMC, CreditOne has also given an auto CLI, will be dumping BestBuy and keeping my CreditOne another year! Sorry to hear that you don't have a grace period with your card.

[SPalin]

When I pay in full my CreditOne balance, no interest charge for my account, only if there is a carryover balance! Unlike BestBuyMC, CreditOne has also given an auto CLI, will be dumping BestBuy and keeping my CreditOne another year! Sorry to hear that you don't have a grace period with your card.

Just got another automatic CLI today, only $150 more, but thats two compared to zero for my Best Buy Rewards MC!

[Cavedog]

Spalin is correct. With most credit cards you only get a grace period if you pay the entire balance in full each and every month. Once you miss a month, from that point forward your balance gets charged interest daily. So if you have a $10,000 balance May 1st and you pay it in full May 15th, your balance would accrue probably $75 during those 14 days. Its called residual interest. Just like a mortgage, car note, or even a CD balance, always best to request a 10 day payoff.

Make sure you pay the interest payment by the due date. If not, then you get a late payment and then that starts to accrue interest all over again. After working 2 years for a credit card company, they get you coming and going.