 Hello everyone, this is financial author Amit Dan of amitdan.com On this channel you'll find financial travel and more videos just like the one you're watching right now If you like what you see, please give me a thumbs up and consider subscribing Hello everyone, this is financial author Amit Dan of amitdan.com Today I have another episode of great card video for you and in this episode I'll show you a great card statement, which I have recently received and this great card account actually was zeroed out and closed some time ago and I had a negative balance on this great account it was approximately $66 negative balance and Which was refunded to me because I called them and asked them to close the account and I got back the money But all of a sudden after some Weeks or months I received this statement stating that I have a great card balance, which has to be paid So I was totally surprised, but I kind of had an idea of what exactly happened. So this is what I'll talk about in this video just to Show you and if such things happen to you, you will know what to do in the future Hello everyone, so I'll just go Over some numbers with you just to show you what's really happening here so if you look at here new balance is $5.94 and your minimum due date is September 28 2017 and Same kind of information here. It's a previous statement balance $61.05 new purchase is $66.99 and Your new balance is $5.94 so this $66.99 all that shows new purchase. It's not a new purchase Which I'll show you. Let me just flip over here Okay, so if you look at this line here, it says credit balance refund which is $66.99 and If you look here previous balance refund, which is $61.05 and there's a Purchase which is $5.91 98 cents. So this is actually it's not a purchase It's a payment so I had a negative $51.05 and I paid them again $5.98 Just to make sure that the system doesn't charge me an interest now what they did they added up everything and It became $66.99 Right here and that's the money actually they refunded me now What happened here? Because the system had a negative balance the credit card system thought I Believe it doesn't know how to deal with negative negative balance So it thought that I had actually a positive balance and then it calculated interest based on that and it charged $5.94 interest and which it's asking me to pay by September 9th, September 26th, 2017 so Most of the people would just get a statement like this once you close your credit card and You'd think that you know, this is just to ignore or you wouldn't do anything But you shouldn't do that because what happens here This is already recorded on the credit company system for under this credit card Although it's closed But still that count is active on their side and this is recorded as a negative balance or as a due balance Which I have to pay and the system is expecting me to pay this balance by September 26 20 2017 $5.94 although there's no there shouldn't be any such a balance because they were just refunding my money to me which was $66 and 99 cents. It's right here so but because of the credit balance the credit card had They were just you know, its system was just calculating it as a purchase and then it's just charging interest to pay that so what I did I called them and I told them about the situation and the customer service rep looked at it and He found out that this is what happened and then he Mentioned me that he's going to Remove this balance or remove this payment due from the system and they'll issue me issue a letter To my to me mentioning that you know this credit card has been closed before and it has been paid in full So there's no such a balance or there's nothing to pay So just to ignore this statement and that's the end of the story So if you have a situation like this do not just you know shred the Statement or throw out the paper just call them and make sure that they remove that negative Amount or the payment due amount from their system Otherwise the system will automatically generate a report to the credit reporting agency If you do not pay this amount by due date, so it will be reported under your name and you're gonna be Showing a late payment under your credit file. So whenever this things happens, you should call them and sort it out before you ignore or Choose not to call them. So I hope this is going to be helpful That's all for now. If you like what you see, please give it a thumbs up and consider subscribing and there will be more video coming up Thank you