Credit Card Interest Question
Hey folks
Seeking some advice here, recently was off work for a few months to take care of a newborn child during this lovely pandemic. Before doing this I planned how to reduce borrowing and use savings to come out of my leave with a small amount of debt. Most of it went pretty well, CTFS card was able to buy myself 30-50 days to pay off hydro gas bills and my high spend cards I was able to afford paying off my entire statement, except I accidently made a mistake with BMO for 2 months and didn't pay back $200-$300 out of the $3000 I had spent, most credit cards you figure would charge you interest on that $200-$300 monthly until that plus the new balance is paid off? Looked at my BMO card bill and noticed a $45 interest charge....was surprised but quickly realized crap I didn't pay off a small amount of the balance, called BMO up and didn't ask for releif, simply just asked how their credit card interest works and the CSR advised me that with all their mastercards, if you don't pay the statement in full each month you will be charged interest ON YOUR AVERAGE MONTHLY BALANCE, does this seem common to anyone here?
I called CIBC and Amex to see if I was just stupid and they all work that way, those 2 lenders advised me I would have been charged interest only on the $200-$300 itself then next statement the total due would be the carried balance + new transactions. Didn't check any others yet
Do you think BMO may remove the interest still due to covid 19 is that discussion even worth a shot with them? I mean its only $90 for 2 months and my CB rewards on the card paid some of that nevertheless lesson learned dont carry ANY balance on BMO cards
Seeking some advice here, recently was off work for a few months to take care of a newborn child during this lovely pandemic. Before doing this I planned how to reduce borrowing and use savings to come out of my leave with a small amount of debt. Most of it went pretty well, CTFS card was able to buy myself 30-50 days to pay off hydro gas bills and my high spend cards I was able to afford paying off my entire statement, except I accidently made a mistake with BMO for 2 months and didn't pay back $200-$300 out of the $3000 I had spent, most credit cards you figure would charge you interest on that $200-$300 monthly until that plus the new balance is paid off? Looked at my BMO card bill and noticed a $45 interest charge....was surprised but quickly realized crap I didn't pay off a small amount of the balance, called BMO up and didn't ask for releif, simply just asked how their credit card interest works and the CSR advised me that with all their mastercards, if you don't pay the statement in full each month you will be charged interest ON YOUR AVERAGE MONTHLY BALANCE, does this seem common to anyone here?
I called CIBC and Amex to see if I was just stupid and they all work that way, those 2 lenders advised me I would have been charged interest only on the $200-$300 itself then next statement the total due would be the carried balance + new transactions. Didn't check any others yet
Do you think BMO may remove the interest still due to covid 19 is that discussion even worth a shot with them? I mean its only $90 for 2 months and my CB rewards on the card paid some of that nevertheless lesson learned dont carry ANY balance on BMO cards