Paid off your credit card!!

by Joe on October 27, 2009

Beware of credit cards company tricks

One of my friends earlier in the year described to me a situation that had happened to him and it was unbelievable. He paid off his credit card debt infact, he overpaid with $5, and from that point forward, he kept the card in a jar where it would stay as a souvenir. A month later he got a statement from the credit card company on the mail… but having paid off his card, he did not care to open it. Three months after, he got a call from the credit card company claiming that he owe $350(from late fees, finance charges, & inflated interest rates).

This week, similar thing almost happened to me. We had paid off our last credit card and were so ecstatic to finally say bye bye to credit card debts..(suckers). Two weeks later we got a statement on the mail with $8.65 finance charge. We called the credit card company and they said that they calculate finance charges on one month behind balance… Therefore, this would be the last charge I will see on my account if I maintain a zero balance. We have paid the $8.65 and will be deciding whether to close that account altogether lest they pull some tricks on us again!!.

 

Here are things to watch when you think you have paid off your credit card and wish to keep it open:

  • Read the statements they send you monthly.
  • Call the credit card company to clarify the charges.
  • Look for alternative options

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