Good heavens. I guess I learn something new every day. Today’s lesson: credit card companies are nasty things.
So here was my mistake: in December, I paid off my tuition with my credit card, effectively maxing my card out at five grand or so. Over winter break I was thoroughly financially irresponsible (aside from $900 worth of car expenses, $500 of which was unexpected), and so when it came time to pay off my credit card in January, I left ~$750 of outstanding balance.
Well, today I received my January statement, and discovered a ~$50 finance charge for December. Being confused, I called BankOne, and asked what was going on. This was my discovery:
If, at the beginning of the month, I charge $5,000 on my card, and at the end of the month, I pay $4,999, I will be charged a finance fee for $5,000. The only way to avoid this is to pay off the entire statement.
Fortunately, as a courtesy, the customer service rep took off the finance charge for last month. I guess I’ll know for next time…
So I guess the moral of the story is this: beware of the man. He’s very very sneaky, and he’s out for your money. Don’t be stupid like me. Pay off your credit cards, or do away the idea all together.
If only I could take my own advice. =)
