Hi
Can some please explain to me the logic of how this works:
I paid my January MBNA credit card bill one day late on 30-1. I was charged late fee and interest on the February statement. I paid my February bill in full and in time. Yet in my March statement I have been charged interest again.
I rang customer service and she said that because I didn't pay January bill in time, I had a rolling balance which continued to rack up interest in February until I paid the February bill (even though I paid it in before the due date).
I really don't understand this - haven't a clue obviously how credit card interest works. Am really ****ed off about this because I pay in time 90% of the time and it feels like I have been charged interest twice and had no way of knowing I would be charged interest again in March because as far as I was concerned my February bill was paid in time!
Can someone explain this to me in plain English with no finance lingo? How is this reasonable? :-(((
Can some please explain to me the logic of how this works:
I paid my January MBNA credit card bill one day late on 30-1. I was charged late fee and interest on the February statement. I paid my February bill in full and in time. Yet in my March statement I have been charged interest again.
I rang customer service and she said that because I didn't pay January bill in time, I had a rolling balance which continued to rack up interest in February until I paid the February bill (even though I paid it in before the due date).
I really don't understand this - haven't a clue obviously how credit card interest works. Am really ****ed off about this because I pay in time 90% of the time and it feels like I have been charged interest twice and had no way of knowing I would be charged interest again in March because as far as I was concerned my February bill was paid in time!
Can someone explain this to me in plain English with no finance lingo? How is this reasonable? :-(((