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Originally Posted by PR_Tom
Yep, and they might ding your credit report too with a "potentially negative item" of "over limit".
I went over once because they mailed my damn bill to the wrong address and before i got the next months statement, there was a late fee, an over limit credit hit and a rise in APR. I hate all CC's. I had to call and bitch at someone at the India based call center which is always a lot of fun! lol 
So I paid it in full 2 days after it arrived, and next month got another one saying I had a balance due of $1.48. I swear, anyone who calls selling adult site access on the internet a 'racket' is just not up to speed on rackets! |
Residual interest. It's the interest on your balance from the date of your last statement until the date you made your payment. Since they can't predict when you're going to pay, the remaining interest has to carry over to the next statement.