My credit card was not overdue but I was charged interest?

Everyone knows that interest is charged for credit card cash withdrawals and overdue payments. But recently, some cardholders told the editor that they were still charged interest even though they paid back the money on time. What happened? This situation occurs mostly because of the following two reasons.

1. Automatic repayment

Many people will bind a debit card to activate the automatic repayment function to prevent the credit card from being overdue due to forgetting to repay.min pay But this method of repayment is not foolproof.

For example, if the bank settlement time is one day before the deduction date, and the balance of the debit card bound to the cardholder is insufficient,ofw quick cash loan online the bank system will determine that the cardholder has not repaid the full amount on time. In this case, even if the cardholder does not repay the payment in full on the repayment date, Even if you deposit enough money into your debit card, interest will still accrue.

For this reason,debt consolidation cardholders must understand the card issuer's settlement time, and then go to the credit card to deposit enough money for automatic deductions during the bank's settlement time, so as not to be charged penalty interest.

2. Refund as repayment

People often get a refund after using a credit card to make purchases, and they think that they can repay it as a current bill. This actually depends on the time when the refund arrives.

If the refund is received before the billing date, you can make up for other consumption amounts in a timely manner, and no interest will be charged.

If the refund is received after the bill date, the refund amount can only be used to offset the outstanding balance of the next period's bill and cannot be used as repayment. In this case, if the repayment is not made in full, interest will be charged.