Saturday, March 26, 2011

Some credit cards start charging "minimum interest" even on zero balance

This isn’t really an “identity security” problem, but  I want to report it. Today, I noticed that FIA card services, on the credit card for my mother’s estate, charged a minimum interest fee of $1.50 even though the balance due was paid in full (as it always is). 

I haven’t noticed this on any of my other cards yet.  But I wonder if that’s next. FICO scoring rules favor having more cards and not using all the credit.  But that could mean even more fees.

Banks have complained that people who pay the balance in full (and follow Suze Orman’s advice) are the “freeloaders”. 

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