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KPtoys
I'm getting old
Member since 5/05 8688 total posts
Name:
Karen
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Please help me figure put why they are charging finance charges!! - UPDATE
I am 
This is DH's acct and hes working Im not on the acct so of course they wont tell me why.
December
Previous Balance $807.76
Payments & Credits $807.76
Purchases & Debits $350.58
Other Charges $0.00
FINANCE CHARGES $0.00
Account Balance $350.58
January (due on the 15th - I mailed it late so I accept the late fee and finance charges here they got it on the 18th)
Previous Balance $350.58
Payments & Credits $350.58
Purchases & Debits $1,430.71
Other Charges $39.00
FINANCE CHARGES $17.70
Account Balance $1,487.41
Here is where I get confused - todays stmt...
Previous Balance $1,487.41
Payments & Credits $1,487.41
Purchases & Debits $2,951.84
Other Charges $0.00
FINANCE CHARGES $14.26
Account Balance $2,966.10
UPDATE:
SOOOOOOOOO DH finally called them.
The guy explained it to me as if the account balance was $0 and we charged something for $100 the FC would start to accumulate as soon as the item was purchased... needless to say DH won't be using his Sears Card anymore. snip snip snip
Message edited 3/6/2007 2:36:13 PM.
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Posted 3/5/07 1:26 PM  |
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Long Island Weddings
Long Island's Largest Bridal Resource |
bomb-blast
bye bye
Member since 11/06 1327 total posts
Name:
Leo
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Re: Please help me figure put why they are charging finance charges!!
To me it seems that the $17.70 was a FC on your Dec balance and the $14.26 was a FC on your Jan balance. Check the dates that they applied both of your payments. By the way, those FC's seems too high for such low balances. Just call up the CC comapny and ask.
You should also try paying online, this way you know exactly when your payments will get posted rather than relying on snail mail.
Message edited 3/5/2007 1:42:15 PM.
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| Posted 3/5/07 1:41 PM |
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KPtoys
I'm getting old
Member since 5/05 8688 total posts
Name:
Karen
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Re: Please help me figure put why they are charging finance charges!!
Posted by bomb-blast
To me it seems that the $17.70 was a FC on your Dec balance and the $14.26 was a FC on your Jan balance. Check the dates that they applied both of your payments. By the way, those FC's seems too high for such low balances. Just call up the CC comapny and ask.
You should also try paying online, this way you know exactly when your payments will get posted rather than relying on snail mail.
everything was paid off on time though with the exception of the payment in January
I do pay online 90% of the time I just happened to print this check out.
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| Posted 3/5/07 1:49 PM |
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azoodie
Member since 8/05 8377 total posts
Name:
Team SEXY BACK
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Re: Please help me figure put why they are charging finance charges!!
Does this happen to be a 0% interest card? I believe if you are ever default in making a payment (even though it is late), they have the right according to the agreement to charge finance charges even if the payment is late and they get your late payment fee.
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| Posted 3/5/07 1:52 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Please help me figure put why they are charging finance charges!!
I had something happen once when I paid the card off in full I got a bill then next month for $13
it has to do with when they start calculating the FC-
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| Posted 3/5/07 1:54 PM |
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KPtoys
I'm getting old
Member since 5/05 8688 total posts
Name:
Karen
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Re: Please help me figure put why they are charging finance charges!!
it's not a 0% card. They got their $39 for the late payment and they also tacked on their finance charges for that month. The closing date for the card is the 23rd. They charged finance charges in January for that late payment. Now there are finance charges on my Feb stmt and in their little FC explaination area it says
Balance
2965 (including their finance charges already)which is the full balance for THIS month which they want to charge me for... when the REAL balance for stuff DH actually bought is the $2951.
Message edited 3/5/2007 2:05:15 PM.
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| Posted 3/5/07 2:02 PM |
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Christine
2nd verse same as the 1st
Member since 5/05 15287 total posts
Name:
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Re: Please help me figure put why they are charging finance charges!!
Could it be that the fc is being applied to the balance that was paid late and therefore in the next billing cycle?
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| Posted 3/5/07 2:03 PM |
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KPtoys
I'm getting old
Member since 5/05 8688 total posts
Name:
Karen
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Re: Please help me figure put why they are charging finance charges!!
Posted by Christine
Could it be that the fc is being applied to the balance that was paid late and therefore in the next billing cycle?
$14 in FC for being 3 days late??? on a $1400 balance???
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| Posted 3/5/07 2:05 PM |
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curley999
Family!
Member since 5/05 2314 total posts
Name:
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Re: Please help me figure put why they are charging finance charges!!
This happened to me once as well. The way I understand it is that if the bill is due on the 15th and they get your check on the 18th the FC will be applied to the previous balance on that statement and then an additonal FC is applied to any changes that were made between the 15th and the 18th and applied onto the next statement as your account is 'defualted'. This is a short window of time for you but if the bulk of those new changes occured in that 3 day window this is where the new FC is coming from
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| Posted 3/5/07 2:06 PM |
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KPtoys
I'm getting old
Member since 5/05 8688 total posts
Name:
Karen
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Re: Please help me figure put why they are charging finance charges!!
Posted by curley999
This happened to me once as well. The way I understand it is that if the bill is due on the 15th and they get your check on the 18th the FC will be applied to the previous balance on that statement and then an additonal FC is applied to any changes that were made between the 15th and the 18th and applied onto the next statement as your account is 'defualted'. This is a short window of time for you but if the bulk of those new changes occured in that 3 day window this is where the new FC is coming from
That makes sense but there were no new charges made in those 3 days And in their FC explaination area they have the full $2965 (what they say is the balance) getting a FC applied to it I HATE SEARS!!
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| Posted 3/5/07 2:09 PM |
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Christine
2nd verse same as the 1st
Member since 5/05 15287 total posts
Name:
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Re: Please help me figure put why they are charging finance charges!!
Maybe they adjusted your grace period b/c of the late payment?
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| Posted 3/5/07 2:15 PM |
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My2Boys
Love.
Member since 10/05 4796 total posts
Name:
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Re: Please help me figure put why they are charging finance charges!!
I can't do the math right now  but on a side note, did you try to have the late charge waived or negotiated? I know my mom (who pays all her bills in full) once mailed a payment to Sears and forgot to put a stamp on it so it came back to her, thus making it late to Sears. Anywhoooo, she called and explained and they waived it.
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| Posted 3/5/07 2:20 PM |
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KPtoys
I'm getting old
Member since 5/05 8688 total posts
Name:
Karen
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Re: Please help me figure put why they are charging finance charges!!
SOOOOOOOOO DH finally called them.
The guy explained it to me as if the account balance was $0 and we charged something for $100 the FC would start to accumulate as soon as the item was purchased... needless to say DH won't be using his Sears Card anymore. snip snip snip
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| Posted 3/6/07 2:35 PM |
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MsMBV
:P
Member since 5/05 28602 total posts
Name:
Me
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Re: Please help me figure put why they are charging finance charges!! - UPDATE
Posted by KPtoys
UPDATE:
SOOOOOOOOO DH finally called them.
The guy explained it to me as if the account balance was $0 and we charged something for $100 the FC would start to accumulate as soon as the item was purchased... needless to say DH won't be using his Sears Card anymore. snip snip snip
 they can begin to accrue the FC from the first day? I had no idea.
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| Posted 3/6/07 2:59 PM |
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TwoGirls4Me
Treasure what you have
Member since 5/05 1839 total posts
Name:
Marie
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Re: Please help me figure put why they are charging finance charges!! - UPDATE
wow that is crazy!!!!!!
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| Posted 3/6/07 3:13 PM |
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