MBNA and interest..........

iVillage Member
Registered: 10-01-2003
MBNA and interest..........
1
Mon, 06-13-2005 - 9:33pm
I had paid off my MBNA acct and closed it. Today I got a statement that says I still owe $201 in interest, as I owe "daily interest" even though I paid the balance that day. So, the lady was nice and said as a courtesy she'd remove $100. That was nice I think. Do I have a leg to stand on if I want the entire charge removed? Or should I just pay it and move on?????
iVillage Member
Registered: 02-19-2004
Mon, 06-13-2005 - 10:21pm
You probably owe it. They use your average daily balance to compute interest, so if you had a balance for a portion of the billing cycle, then you owe interest for that billing cycle. The only exception is usually that new charges don't get charged in the cycle they first hit your account. I think it's great they credited back 1/2 the interest. If you look at your statement and the terms, and it looks like they calculated the interest correctly, then I'd just pay the remaining $100 bill. One simple way to calculate it is take the balance before you paid the card off, and figure out how many days you had it at that balance, and then how many days the account was at 0%. Then apply the daily rate to each day that had a balance and add it up (the daily rate is probably your interest rate divided by 365, but it may also show on the statement, they could use business days intead of calendar days, I'm not sure). I think that will work, but if not let us know, I might not be describing it correctly.

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