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Old 03-18-2013, 04:28 PM
 
35 posts, read 137,545 times
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In September of 2010 I got my first credit card with Bank of America. I have used it religiously since, more than any other credit card, because I was NEVER charged interest or fees of any kind...until January 2013. I am convinced their employee told me that my payment was due on the wrong date now so that the interest could kick in. Due to this one late fee, mega interest began to kick in each month for the past three months. Now, because of that one late payment which is actually there employee's fault, I will now have interest every month as long as I do not pay in full.

Therefore, based on the above experience, is there ANY C.C. where I will not be charged interest including if I have a revolving balance or do not pay in full each month?
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Old 03-18-2013, 04:33 PM
 
3,137 posts, read 7,887,844 times
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Quote:
Originally Posted by Anonymous1133 View Post
Therefore, based on the above experience, is there ANY C.C. where I will not be charged interest including if I have a revolving balance or do not pay in full each month?
That's how CC's make their money, interest.

There are no CC's that don't charge interest. Some may have promotions where they give you a 0% rate for a while, but eventually interest will kick in.
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Old 03-18-2013, 05:43 PM
 
Location: Victoria TX
42,668 posts, read 71,574,557 times
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Quote:
Originally Posted by pcity View Post
That's how CC's make their money, interest.

There are no CC's that don't charge interest. Some may have promotions where they give you a 0% rate for a while, but eventually interest will kick in.
I thjink it is more likely that they set interest rates at a break-even point, and make money on late fees and penalties. Like the old video rental stores. CC interest rates are about 1/20 of the top rates that payday loans charge.
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Old 03-18-2013, 07:29 PM
 
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There is an american express card that doesn't charge those fees...goggle it...
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Old 03-19-2013, 08:54 AM
 
Location: TX
795 posts, read 1,185,152 times
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The answer to your question is definitely no. But don't sweat it or change cards. You made a mistake - just pick up and move on. Paying interest isn't a big deal. If you pay in full, you won't pay interest.

Do you not pay your CC bill via online banking? No need to rely on an employee - you get an email alert when the bill comes that very clearly states when it is due. I have mine set to auto-pay the day after the bill arrives. I could be in a coma for 3 months and they'd get every payment right on time.
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Old 03-19-2013, 09:15 AM
 
Location: WA
5,293 posts, read 20,709,725 times
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Companies, policies, and people change so any answer is usually just a point in time. I had terrible issues with American Express years ago but many say they have been resolved. I recommend Discover for most people and keep in mind that Visa and MC will vary depending upon who issued and is servicing the card.
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Old 03-19-2013, 12:07 PM
 
355 posts, read 698,788 times
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Is it possible you had a period of interest free and that has expired? All CC's charge interest if you don't pay in full.

Look for a card that has free, no interest balance transfer
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Old 03-20-2013, 01:08 AM
 
Location: Los Angeles, Ca
2,884 posts, read 5,040,304 times
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I don't trust any CC's. They're like one of those guys on the street with the ball under 3 cups on a table....they keep changing the ball around, trying to fool you.

-There are a lot of teaser rates, 0% for 12 or 18 months. But then 22% after that.

-They make it very easy for themselves to charge a "penalty". I.e., I think a while back, the whole CC industry changed their due dates. Where now, it has to be 2 pm on the due date. And if it's 2:01, you're out of luck (paying a $35 late fee?).

If you compared credit card terms of today vs 5 or 10 years ago, I think the average person would be surprised and shocked. Much more aggressive, more onerous terms.

-Some of the marketing they do is shady beyond belief (credit plan protection?). I think last year or the year before, capital one paid $200 million to settle a suit over misleading people buying credit protection. If you think about that, that's a lot of money for a fine.

I think they are all basically on hair trigger to "get you" with something. With the power of the banking lobby, I don't expect any changes in the near future.
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Old 03-20-2013, 01:15 AM
 
47,576 posts, read 58,722,338 times
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I think Discover is now advertising a card where if you pay late once it doesn't affect the rate. Most of the time, even one day late on a payment, the interest rate jumps. Yes, the credit card companies make a whole lot of money with what's in the fine print of the agreement.
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Old 03-20-2013, 02:18 AM
 
4,174 posts, read 2,784,586 times
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If you plan on carrying a balance, seek out a card with the lowest interest rate. If no balance, find a card with no annual fee.

Either way sign up for email notices to inform when the payment is due.
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