Quote:
Originally posted by jujueye
recently paid off my bill with Citi. We'll be house shopping soon, and wanted a clean slate when our credit check is done. Normally, we pay monthly like everyone else. But this time, we just paid the whole thing off. The next month, I got another bill from Citibank for some less-than-well-described interest fee. I called them on it. They told me this was the residual interest payment had I not paid the full amount off, and that, while they had not pursued this within the last few years, it was actually in the cardholder agreement. I was also told that if:
1) I always pay off my bill in full every month, I would never get this fee again.
2)if I return to the revolving credit (paying monthly) and decided to pay it off in one chunk again, I would see this fee again.
How's that for stupid?
I'm shopping for a new card...
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This is standard practice for most Credit card companies. Since you had a rotating balance, you are charged interest on that balance on a daily basis not a monthly basis.