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Im a little bit puzzled
tesuhoha
Posts: 17,971 Forumite
in Credit cards
Im a little bit puzzled. I managed to pay off one of my credit cards this month by doing a balance transfer. The payment was for £3771 and it was in time but when i got my new statement they had charged me £12 interest. Is this right? I thought that if you paid off your balance in time then you avoided interest. Im a bit worried cos I've got another 0% card that is going to run out the month after next. Its about £4000+ and I was hoping to avoid paying any interest on it by doing a balance transfer. Can anyone tell me when to pay off a 0% card to avoid paying interest on it? Its probably a perfectly obvious thing to happen but im not very bright im afraid about these matters.
The forest would be very silent if no birds sang except for the birds that sang the best
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Comments
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Whenever you take out a new card, you should ask the provider for the exact 0% end date, because invariably, the 0% end date does not coincide with your statement/payment due dates.
Generally speaking, the 0% end date will be brought to your attention on the next to last statement during your introductory period. If you check back on your statements you will probably see that they notified you of the date the normal %APR would apply, and you should have ensured that your final payment (in your case, the balance transfer) had cleared by this date.0 -
Must have got confused with the dates and thought i had an extra month.The forest would be very silent if no birds sang except for the birds that sang the best0
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Let's say your promotion ended on 10th March.
If your bill was dated 1st March it would not mention any interest and it may say you need to pay by 20th March. However if you paid after 10th March you would start to pay interest from 10th until you paid.0
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