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xoneinax said: Yes, and they charged interest against the ADB

You misunderstand. I'm not suggesting that you should carry a balance. I'm suggesting that you pay off your charges before they appear on a statement (except for a small amount).

Let's say your statement closing date is the 28th of the month:

March 1st: $0 balance

March 12th: $250 purchase

March 14th: $248.01 payment

The grace period would apply to the $1.99 balance that would remain, IF they do not cancel it.

ILikeDollars said: xoneinax said: Yes, and they charged interest against the ADB

You misunderstand. I'm not suggesting that you should carry a balance. I'm suggesting that you pay off your charges before they appear on a statement (except for a small amount).

Let's say your statement closing date is the 28th of the month:

March 1st: $0 balance

March 12th: $250 purchase

March 14th: $248.01 payment

The grace period would apply to the $1.99 balance that would remain, IF they do not cancel it.
I think they will cancel it. One month I had something like this (numbers are not exact):

November 7 - $0.00 statement balance
November 10 - $800 BT
November 17 - $800 payment
December 7 - $1.60 interest fee
December 7 - (-$1.60) small balance credit
December 7 - $0.00 statement balance

It's worth a try although it depends if it's worth it. $250 in you bank at 5% for extra 30 days nets about $1.25 in profit.

This thread really intrigues me...or maybe I am just really bored. I've got a bunch of cards which I am not using and need to get some activity on anyways so figure I can contribute to the findings ;p

So has anyone determined if Chase cancels exactly at $2.00 too? Has anyone done any other charges between $1.99 and Pi($3.14) for Chase? I can report that I goofed with a PIF payment arriving just after due date but before statement date recently on a Chase card. So was charged interest of $2.86. They did indeed send a statement for that amount.

Any findings for BofA? I've got one of them too I could test with.

What about Providian at anything over $1.00? I think I need to do a $1.01

Let's see, what other cards do I have to play with...I have a USAA Mastercard and a Macy's(Visa side of my dual line). Looks like someone already had success with $0.99 for USAA so I will try exactly $1.00 perhaps. And also do either a $0.99 or $1.00 test on the Macys Visa.

Let me know if anyone has any suggestions for different amounts I should test.

ILikeDollars said: xoneinax said: Yes, and they charged interest against the ADBYou misunderstand. I'm not suggesting that you should carry a balance. The grace period would apply to the $1.99 balance that would remain, IF they do not cancel it.Sorry, I misread your original question. I have done the same many times. However (with the possible exception of finance charges accrued from the previous billing cycle) a closing statement balance of 1.99 or less is obtained, it is definitely canceled.

jairocon said: Call me cheap - but I often do this with some of my cards. For example one of my chase cards carries a BT at close to 90% of its $37k line and I have 3 other chase cards that I don't use. So once a month when I'm at a gas station I pump gas for $1.99 on each one of them. The bill always prints at $0.00 as chase issues what they call a "credit adjustment".

Same goes for discover - I have one card w/ 0% for life of balance and the second card stays dormant. So I use that one in the same way - balances up to $1.99 get cancelled with a "small balance credit". Last month I overshot and got exactly $2.00 balance - and this one didn't get cancelled.

I know that none of the citi cards cancel the balances - once I had a $0.25 balance and it got billed.

Do I feel bad? Not really - it keeps my cards active, it keeps them at 0% utilization and it nets a few bucks a month. It's not much, but people have done much more work to get much less in return.

BTW - I have electronic statements on all these cards - so paper/electronic doesn't make a difference.


I'm in the same boat. I have a Discover card that requires two purchases per month to keep the 0% interest. I made two charges of $1.08 each today. Because the balance on the card will be $2.16, I'm imagining that I'll be billed at the end of the month. What would happen if I bought two packs of gum on the card? The total would be less than $1. Would I be billed or not? If not, would those two purchases still be sufficient to cover my two purchases per month requirement?

On a related note...... Does anyone know of an easy way to arrange two small charges to the card each month automatically? I'm afraid I'm going to forget one month and lose that 0% interest.

SecondGunman said: I'm in the same boat. I have a Discover card that requires two purchases per month to keep the 0% interest. I made two charges of $1.08 each today. Because the balance on the card will be $2.16, I'm imagining that I'll be billed at the end of the month. What would happen if I bought two packs of gum on the card? The total would be less than $1. Would I be billed or not? If not, would those two purchases still be sufficient to cover my two purchases per month requirement?

On a related note...... Does anyone know of an easy way to arrange two small charges to the card each month automatically? I'm afraid I'm going to forget one month and lose that 0% interest.
1. If you're already carrying the balance on the card (which you obviously are since you're talking about 0% BT for life), any additional charges will be added to the balance and will not be canceled. In the examples above, the cards are canceling charges only if a statement balance would have been less than $2.

2. If you're worried about forgetting to do your monthly transactions - you can subscribe to some periodic monthly subscriptions through paypal, that will charge you regularly, or just write it in your calendar - pick a date for these transactions and mark your calendar for every single month this year. Then when the date comes, just add the discover card to your wallet and make two purchases on that day.

ChrisV said:

Any findings for BofA? I've got one of them too I could test with.



I was billed for 1.00 by Bank of America

Sears MC (by Citi) cancelled a $5.00 balance!!

Actually I had a BT offer on my Sears MC that I paid off 8 months ago. However, checking my credit report via TrueCredit showed that Sears was still reporting the high balance from the BT with a last update date of 8 months ago. As a result I made the $5.00 charge to force Sears to update my balance but it didn't work as Sears zeroed it out and didn't report the zero balance on my CR's!!! I ended up disputing the balance with the credit agencies to show a zero balance.

Citicard (AMEX Dividend) billed me for $0.02... yeap 2 cents !!

ianxxi said: Citicard (AMEX Dividend) billed me for $0.02... yeap 2 cents !!

Reminds me of when Citigroup sent me dividend checks for 19 cents, then around 24 cents for the longest time. Probably cost them more on postage than what it was worth, but oh well.

AKD

HSBC sent a GM Card statement with a credit balance of 2 cents. We won it in a class action lawsuit!

tarheels2000x said:
I was billed for 1.00 by Bank of America

Thanks for the info...I will do a 99 cent test then

EDIT: I just charged Macy's Visa for exactly $1.00 so far. That statement should cut in a couple of days. Did $1.99 on USAA MC. Also charged $1.98 to Providian, statement in one day here(hopefully it will show up on it in time). UPDATE: Providian cut my statement 2 days earlier than last month so it didn't make it...will have to wait another full month. BAH!

Next on tap: BofA for $0.99 or less.

I also just threw $5.00 on my Sears Mastercard to re-confirm that value. Sears haven't updated anybody's credit reports since May/June of 2006 unless you complain to via phone/online message for a manual update(they blame system upgrades). They are punks!

*BUMP*

Other good data points needed(for anyone else that has some spare cards they'd like to use):

Any AMEX from $0.99 to $2.00, Capital One at exactly $1.00, Chase at exactly $2.00, Wells Fargo $1.99/$2.00, MBNA at $0.99, Advanta at $1.01, Providian at $1.01/$2.00, USAA at $1.00/$1.01.

Any other unreported cards(good starting point is $0.99/$1.00) including HSBC, GEMB, Juniper(Barclays), RBS, Keybank, U.S. Bank, Penfed, Patelco, Home Depot Mastercard, etc.

I wonder if having paperless statements affects this.

Most banks do not issue their own statements. They pay a third party to do that and of course that company has to make a profit. I work for one of the largest statement issuing companies and they enjoy a healthy profit on this business.

Capital One canceled at 1.00, I am trying 1.99 right now.

ChrisV said: *BUMP*

Other good data points needed(for anyone else that has some spare cards they'd like to use):

Any AMEX from $0.99 to $2.00, Capital One at exactly $1.00, Chase at exactly $2.00, Wells Fargo $1.99/$2.00, MBNA at $0.99, Advanta at $1.01, Providian at $1.01/$2.00, USAA at $1.00/$1.01.

Any other unreported cards(good starting point is $0.99/$1.00) including HSBC, GEMB, Juniper(Barclays), RBS, Keybank, U.S. Bank, Penfed, Patelco, Home Depot Mastercard, etc.

I am going to do this for my gas. I think I will save 8 dollars each month. COOL!

Tried Juniper (Barclays) with $1.99 and got billed. Oh, well. Maybe try $0.99 or $1.00?

#1 I think some people think this is for a charge, it isn't it is for your overall bill.

You can't me 500 1 cent charges and get $5 back.

#2 People think you need to make small charges, you don't. You simply have to pay ALL BUT $X before your next bill is made.

cmatthes1 said: #1 I think some people think this is for a charge, it isn't it is for your overall bill.

You can't me 500 1 cent charges and get $5 back.

#2 People think you need to make small charges, you don't. You simply have to pay ALL BUT $X before your next bill is made.


Ok, so I have a $500 bill. I go to the effort to make an extra payment right before my statement closes in the amount of $499. My CC gives me 30 days from statement date until due date.

$499*.05/12=$2.08

So I just lost $2.08 in interest to *hope* that my CC company "forgives" my $1 balance. Even if I was in a 50% tax bracket I'd come out ahead not playing any tricks.

SUCKISSTAPLES said: discover is well known for this

so a question that needs to be asked is that i recently got the 0% discover "for life" as long as i make two purchases a month. i was planing on buying 2 songs seperately on itunes at $0.99 each time. Total each month would be $1.98 and most likely written off. If Discover writes it off, does it still count as a purchase on our side fulfilling the terms of the 0% for life?


n/m, i got the answer from jairocon... after actually reading the whole tread.

kjgco said: Tried Juniper (Barclays) with $1.99 and got billed. Oh, well. Maybe try $0.99 or $1.00?

Try a $0.99 one next...that is the best starting point of those 2 values.

Here are my results so far(updated the summary with them):
Macy's Visa billed at $1.00, BofA billed at $0.99, USAA billed at $1.99. But best of all I tried the $5.00 again on Citi Sears MC and it is indeed true...it canceled at $5.00! That value seemed rather large to me so I had to try it out myself.

My Providian statement cut much earlier than I thought it would so gonna have to wait almost an entire month for the $1.99 test results.

Upcoming ones now:
Macy's Visa at $0.99, USAA at $1.00, BofA at $0.49, Chase at $2.00, Sears MC at $6.00? ;p

AMEX billed at $1.99

Chase United MP Visa, cancelled at 0.30.

Chase Sony Visa, 0.4 went through.

Humm.. so chase is a crap shoot then?

fatlard said: Humm.. so chase is a crap shoot then?

I have had chase cancel a balance of 1.49 on two different Sony visa card.

busterbaxter said: Chase United MP Visa, cancelled at 0.30.

Chase Sony Visa, 0.4 went through.


The 40 cent charge was the only item on the bill?

Chase cancelled a credit balance that I had of a few cents... when I called to inquire about this (it showed for several months) they said they zero out small balances in their favor...
It was a card that I hadn't used for months...

WalStMonky said: busterbaxter said: Chase United MP Visa, cancelled at 0.30.

Chase Sony Visa, 0.4 went through.


The 40 cent charge was the only item on the bill?


yes. The 0.40 was the only transaction.

I should also add that for the 0.30 that was cancelled, it was cancelled the next day after the transaction.

ThreeDJMay said: Chase cancelled a credit balance that I had of a few cents... when I called to inquire about this (it showed for several months) they said they zero out small balances in their favor...
It was a card that I hadn't used for months...


Wow... then I won't feel bad for taking $1.99 from them.

Don't bother with AMEX, BofA, Citi, or HSBC.

Chase Perfect credit adjust $1.26.
$0.02 reward still given.

busterbaxter said: Chase United MP Visa, cancelled at 0.30.

Chase Sony Visa, 0.4 went through.


Interesting because just yesterday my Chase United MP Visa and Sony Card both cancelled at 1.91 & 1.56 respectively.

I just confirmed that Wells Fargo will cancel $1.99

Well, assume you are paying a utility bill online, and it takes about 20 seconds to do a single payment. In half an hour of work you'd be able to make around $200, which is $400/hour. Seems a pretty decent use of one's time.

As far as using credit, what if your limits are only 300-500 on each of the cards? Carrying $50k 0% bt (100% utilization) would net $2500 per year at 5%, but of course how many card accounts you'd have after going 100% utilization overall and on every single card is an interesting question From small balance cancellation you'd net $2400, and will show 0% utilization at all times, which means you credit score would be much higher.

BrianGa said: highmktgoods said: Well I was just thinking that if I had 100 of those kinda cards...i would find a better use of my time/credit.

BofA billed at $0.49. Probably gonna give up testing anymore because it is pointless under that.

Another random Chase result too: canceled at $1.87.

Amazon Chase cancelled at 1.98

Providian (WaMu) Paypal visa BILLED at $1.99
Discover Platinum CANCELLED $1.99 balance (monthly charges $3xx.xx, payments - $3yy.yy, difference $1.99, zero balance previous statement).
Chase Platinum MC CANCELLED $1.98 balance.

Chase Cash Plus Rewards canceled at $1.97

Another Sears MC datapoint....

Charged $6.xx
Before statement date, bank billpay $1.xx
Sears statement: $5.00 credit adjustment, $0 balance



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