Apparently when you try and pay a credit card off you can’t unless you specifically call the credit card company and tell them you want to pay it off.

The reason - Daily accrued interest. The amount that is reported on your statement and when you call in to make a payment don’t show that amount. The customer service rep has to pull it up. So you make a payment thinking that you have paid the card off and the company is continuing to charge you interest on that little bit that you missed. And heaven forbid that thinking you dont have a balance you dont look at the bill one month and you miss making you payment, all of a sudden you are paying whatever fantastical rate they decide to charge you.

Neat, huh?

I only found out about this because my banks automated bill pay was down and when i called in I happened to say the magic words paid in full. The customer service rep then told me about how the system worked. When I told her this verged on dishonesty she started to agree but had to pull back.

This entry was posted on Tuesday, April 28th, 2009 at 2:19 pm by Chad and is filed under Brilliant, but uncategorizable. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.