Comment on My credit union no longer allows me to payoff pending purchases made on my credit card
dohpaz42@lemmy.world 1 day agoIt really depends on your bank or credit card issuer. Some places will accrue interest from the day of purchase until the day of repayment. It might be pennies for me and you, but I’m sure they make bank on their collective customer base. And deliberately making it difficult to pay off debt that causes additional charges should be illegal.
SpaceNoodle@lemmy.world 1 day ago
I’ve never encountered a bank or card issuer like that in the US. Can you provide any examples?
whambawhomp@lemmy.world 13 hours ago
All cards calculate interest per day. That’s the standard formula. They only charge you the sum interest at the end of the month when your billing cycle ends.
nerdwallet.com/…/how-is-credit-card-interest-calc…
This becomes apparent if you’ve ever paid a card off really early, and then still been charged interest even though you’ve had a zero balance one or two weeks before the billing cycle ended.
SpaceNoodle@lemmy.world 13 hours ago
No, not on balances immediately after the time of purchase, but on balances that remains unpaid after a starement’s due date.