Did you pay off your credit card, but then got another bill after that? If you keep a regular card balance, and then one day pay off the entire balance, you may be shocked to find that you get one more bill with charges. That is enough to make almost any individual frustrated (especially after you finally thought you were putting that old credit card debt behind you).
So why did you get the bill, and what is going on?
Why You Got Another Bill of Interest Charges After Paying Off Credit Card Balance in Full
When you carry a regular credit card balance, you are charged interest charged per day. Your credit card statement usually breaks this daily interest percentage down for you. So when you carry a regular balance, you are accruing interest each new day you have the balance. So let’s assume your bill arrives on the 1st of each month, and you paid the bill off in full on the 15th.
On days 1-14, you were being charged interest on the balance (not new purchases in your grace period, but old ones). So even though you paid off the balance on the statement on the 15th (that you received on the 1st), you accumulated interest in that time period before you paid it off. Therefore, you will likely receive yet another bill with a small amount of interest charges. This is usually a small amount, sometimes as small as 1 penny (yes, it happened to me).
When this first happened to me, I was furious and thought the company had made a mistake. I was very upset and thought I had finally payed off my credit card debt. So I called the company, and the person did explain it to me. Not only did they explain it, but they even offered to remove the final interest charge as a final courtesy. Wow!
So it never hurts to double check, but if you are wondering why you got another bill after you paid off the full balance, it probably has to do with your daily interest charges you were accumulating on our old balance.