Chase finance charge ?

Question

help, i paid half of my bill, they slapped me with the finance charge for the whole balance, is this legit? thanks

Answer 1

I agree with the first poster.

Another thing that might have happened is your payment could have been processed even 1 day late and that would cause what you describe.

Answer 2

Some agreements say you'll be charged a finance charge for all charges if not the whole things is paid off.

I'd never have a card like that, mine charges interest on only what I haven't paid yet.

Answer 3

If you don't pay the entire balance, you get hit with finance charges based on the average daily balance, not the unpaid balance.  The average daily balance is calculated by adding up each day's balance and dividing by the number of days.  This is the normal way credit cards calculate interest.

If this was a cash advance, interest would accrue form the first day.  There is no grace period on cash advances.