In a previous post I reported on the result of having forgot to pay my credit card bill one month. I was hit with interest for three consecutive statements, even though each of the three times I paid off the bill in full plus the amount owing on purchases too late to appear on the bill.
I was unable to square the wording of my credit card agreement with the way I’ve been charged interest. It seemed to me that I shouldn’t have been charged any interest the third month. So, I was left unsure of my status.
This led me to start my own personal battle with the credit card company. I haven’t paid for anything with a credit card for a month now. My latest bill arrived with no interest charged and no amount owing. Hopefully this means I can start using it again without being charged interest. If not, I’ll have to break down and call them (shudder).
Based on my experience, it seems that you could fail to pay your bill in full just a few times per year to end up paying interest on almost all purchases.