More Credit Card Madness-Help!

[central]

I've paid off, canceled, and closed a couple of credit cards so far. No problems except with one. For two months, I've received a bill for about $10-15. The first time I got it, I called and they said it was residual interest? What???? I didn't understand the concept since I'd called to pay it off, asked if there were any other fees, and then closed it and they assured me that it was final. When I got the $10 bill, I went ahead and called and paid that because I want to be done with that bank and card. Now I got another one AGAIN for a little less than a dollar. Called and they said AGAIN that it was interest on the residual interest since I paid that residual interest late?!. What. The. Hell.

Has anyone ever heard of this? I want to pay it to get it out of the way, but this strikes me as odd. Shouldn't paying off a card mean that the good is poof gone? Am I freaking bound to these stupid banks forever, even if it's only a few cents a month?

[SpringFlowers]

You're missing the billing cycle cut-off and paying "late". The first $10 was the interest was due on the "final" amount for Nov (or whenever). Your check for payoff arrived after the Nov billing cycle cut-off. That final amount accrued interest again for the Dec billing cycle. Your check for that interest arrived after the Dec billing cycle cut-off, so you accrued interest on the $10 interest.

The problem seems to be that this particular company has no "grace period" whatsoever. There should be some 20-day window within which to pay, without further interest accruing. They don't appear to have it.

Pay the 98cents, make sure the card is closed, and then be very, very careful about ever getting a card that doesn't have a grace period. And, be aware, if you miss the billing cycle on this, you're gonna get another bill for 0.02 on the 0.98. If this happens, you need some sort of written letter giving you a 30-day pay-off amount, which would include any interest that will accrue in the next 30 days, so that you can pay that amount and be done.

And post back with the name of this company so that we can all be sure to cancel our cards with them immediately and never apply for one!

[central]

I think I understand the whole concept of residual interest now, but I still don't understand how a closed account, that has been paid off, canceled and closed should be earning interest. I have the date, name of person and time (eastern standard time) that I called each of my card companies and confirmation numbers for a closed account. When I closed this particular card, it happened to be on the date that it was due. When I was home, there was a letter in the mail verifying that it was closed. I closed it way back in September. I got an email in October about the residual interest a few days after it was 'late'. I paid that. Then I got no email or letter in Nov, Dec, or Jan about extra interest. I feel so uncomfortable paying the pennies amount but I guess I have to in order to get this card out of my life.

It's a Citi mastercard. They have been the worst. When I was jobless, I called to tell them I would be sending x amount each month. The dude screamed at me and told me to go work at mcdonalds. They called everyday multiple times until I finally changed my number. When I'd accidentally answer, the person was rude and irate. When I tried to close the card after months of on time payment and finally a final lump sum payment, they made me sit through nearly 20 minutes of listening to why I shouldn't close it. I just kept repeating, "No thanks. I only want to close and cancel the account." Every other card I have/had was generally pleasant and no other card that has been closed has sent me anything about residual interest.

I can say without a doubt that apart from my main bank card that I might keep once it's paid off, I will never ever ever again get another credit card. Ever.

[SpringFlowers]

Yeah, they totally sound like sons of bitches, but just throw a dollar at 'em to shut 'em up. It's not worth it. Pay the buck to be shed of 'em. Seriously, no one is more hard-headed and willing to cut off her own nose to spite her face than I am, but just get these losers out of your life.

Get something in writing that states that your account is paid in full!

[central]

I'm really wishing I hadn't shredded all my credit docs while I was home. Two heavy trashbags full of shredded crap and I have no memory of what the document said other than that the account had been closed and canceled by my request and if I didn't request it then I should call blah blah blah.

April 15 is a magical date for me and it has nothing to do with taxes. Final payment of the very last card. We'll be free on the very same day.

[mapgirl]

do you have on line access to your accounts? if so, do the records go back that far? or do you mean your own notes when referring to the docs?

congrats on your april 15th pay off!! i'm soooo happy for you and jealous! nicely done

I'm really wishing I hadn't shredded all my credit docs while I was home. Two heavy trashbags full of shredded crap and I have no memory of what the document said other than that the account had been closed and canceled by my request and if I didn't request it then I should call blah blah blah.

April 15 is a magical date for me and it has nothing to do with taxes. Final payment of the very last card. We'll be free on the very same day.

[central]

Unfortunately, I can't log into anything online because the account has been closed and canceled. Go figure. I would love to be able to pay this thing directly through the website. The docs I mentioned was the one that was sent to my mom's house (my billing address that I've never cared to change) that said the acount was closed. But I do not recall it mentioning anything else. I shredded them all, including the card.

And thanks!! 1.5 years of living in a country I can only barely stand is more than worth it to have this stuff out of the way. I wish I had done better in my first 6 months here. I spent money like it could be picked up on every trash-piled street corner. I might have even started tackling student loans if I had been more serious at the beginning. C'est la vie.
Good luck with your debts (if any)!!!

And I hope the snowpocalypse ends soon.

do you have on line access to your accounts? if so, do the records go back that far? or do you mean your own notes when referring to the docs?

congrats on your april 15th pay off!! i'm soooo happy for you and jealous! nicely done

I'm really wishing I hadn't shredded all my credit docs while I was home. Two heavy trashbags full of shredded crap and I have no memory of what the document said other than that the account had been closed and canceled by my request and if I didn't request it then I should call blah blah blah.

April 15 is a magical date for me and it has nothing to do with taxes. Final payment of the very last card. We'll be free on the very same day.

[SpringFlowers]

Have I told you lately that I am extremely proud of you?