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When is a month not a month? When it's an RBS month!
Stonk
Posts: 951 Forumite
in Credit cards
I opened an RBS credit card account on 25 June 2005, took their money for just under the advertised 9 months interest-free period, and paid it all back on 16 March 2006. That was well within the "9 months from the account opening date", you might think.
But you would be wrong. Today I received a statement with some interest added to it.
My subsequent conversation with RBS Card Services went something like this:
Beats me! Nice scam if they can get away with it, I suppose, but a touch blunt to catch me.
Just beware of RBS's calculation of the end of your introductory period. Ask them specifically when it ends. I had asked when the opening date was, and foolishly added 9 months to it!
But you would be wrong. Today I received a statement with some interest added to it.
My subsequent conversation with RBS Card Services went something like this:
RBS: Thank you for holding, your patience is appreciated ... Thank you for holding, your patience is appreciated ... Thank you for holding, your patience is appreciated ... [ repeat for 13 minutes ] Thank you for holding, your patience is appreciated ...
RBS: Hello, how may I help you?
Me: Well, I'm trying to understand why I've been charged interest on a balance transfer that was at a rate for 0% for 9 months, when I paid it all back to you at least a week before 9 months had expired.
RBS: Oh, that's because your promotional period ended on 13 March.
Me: Can I ask what date you think the account was opened?
RBS: 25 June.
Me: Uh-huh. Given this was a 9 month promotional period, I would therefore expect it to have ended on 24 March.
RBS: No, it actually ended on 13 March.
Me: Oh did it? It must have been the "9 months" bit that caught me out. Perhaps I should have guessed you actually meant "8 and a half months".
RBS: It would have been in your terms and conditions.
Me: I can assure you it was not. I would certainly have noticed if you had tried to redefine what a month is! What it does say, though, quite plainly, is "9 months from the account opening date".
RBS: I can see your point, but I'm afraid the promotional period did end on 13 March.
Me: You sound like a reasonable person. [Actually this was increasingly untrue.] Tell me, what date would you say is 9 months after 25 June?
RBS: Err ...
[ Eventually ... ]
RBS: On this occasion I'll agree to refund the interest. I will add a note to the account that you've been reminded of the terms and conditions.
Me: Hang on - I'm not accepting responsibility for this. Don't try and make it sound otherwise. Too right you'll be refunding the interest.
[ Later ... ]
RBS: Is there anything else I can help you with?
Me: Yes, I'd like to close the account please.
RBS: May I ask why?
Me: Err, how about: because you tried to screw me out of some money?
RBS: But I've just given it back to you!
Me: It was not yours in the first place.
RBS: OK, I'll put it down as "not happy with the product offered".
RBS: Hello, how may I help you?
Me: Well, I'm trying to understand why I've been charged interest on a balance transfer that was at a rate for 0% for 9 months, when I paid it all back to you at least a week before 9 months had expired.
RBS: Oh, that's because your promotional period ended on 13 March.
Me: Can I ask what date you think the account was opened?
RBS: 25 June.
Me: Uh-huh. Given this was a 9 month promotional period, I would therefore expect it to have ended on 24 March.
RBS: No, it actually ended on 13 March.
Me: Oh did it? It must have been the "9 months" bit that caught me out. Perhaps I should have guessed you actually meant "8 and a half months".
RBS: It would have been in your terms and conditions.
Me: I can assure you it was not. I would certainly have noticed if you had tried to redefine what a month is! What it does say, though, quite plainly, is "9 months from the account opening date".
RBS: I can see your point, but I'm afraid the promotional period did end on 13 March.
Me: You sound like a reasonable person. [Actually this was increasingly untrue.] Tell me, what date would you say is 9 months after 25 June?
RBS: Err ...
[ Eventually ... ]
RBS: On this occasion I'll agree to refund the interest. I will add a note to the account that you've been reminded of the terms and conditions.
Me: Hang on - I'm not accepting responsibility for this. Don't try and make it sound otherwise. Too right you'll be refunding the interest.
[ Later ... ]
RBS: Is there anything else I can help you with?
Me: Yes, I'd like to close the account please.
RBS: May I ask why?
Me: Err, how about: because you tried to screw me out of some money?
RBS: But I've just given it back to you!
Me: It was not yours in the first place.
RBS: OK, I'll put it down as "not happy with the product offered".
Beats me! Nice scam if they can get away with it, I suppose, but a touch blunt to catch me.
Just beware of RBS's calculation of the end of your introductory period. Ask them specifically when it ends. I had asked when the opening date was, and foolishly added 9 months to it!
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Comments
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Right - but did we actually get the the bottom of why RBS thought the 9 months was up on 13th March? I've just got to the end of 9 months with NatWest (same bank) and they printed on the penultimate statement the precise date of change - which happened to coincide with my statement. I knew it was coming and could arrange to clear the balance of the very last date with no surprises. I would have expected RBS to put a similar prompt on your last statement but two - did they not - were you never notified in advance of the date the promotion ended?.....under construction.... COVID is a [discontinued] scam0
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Stonk reMy subsequent conversation with RBS Card Services
:rotfl: :rotfl:'Puritanism: the haunting fear that someone, somewhere, may be happy'.
H L Mencken0 -
Milarky wrote:Right - but did we actually get the the bottom of why RBS thought the 9 months was up on 13th March?
Given the conversation thus far, with comments from RBS like "I can see your point, but nevertheless the promotional period did end on the 13th", I didn't pursue the whys and wherefores much further! She just kept repeating that it must have been in my terms and conditions. And as it is not, we reached an impasse.Milarky wrote:I've just got to the end of 9 months with NatWest (same bank) and they printed on the penultimate statement the precise date of change - which happened to coincide with my statement. I knew it was coming and could arrange to clear the balance of the very last date with no surprises. I would have expected RBS to put a similar prompt on your last statement but two - did they not - were you never notified in advance of the date the promotion ended?
No, the date was not printed on any statement, nor was it indicated to me when the acount was opened. Believe me, as a seasoned stoozer, I notice these things. Not that I needed it, because I knew from Day One when my 9 months should have ended. The only sign was that the "estimated interest" figure was no longer zero on the previous one.0 -
Milarky wrote:Right - but did we actually get the the bottom of why RBS thought the 9 months was up on 13th March? I've just got to the end of 9 months with NatWest (same bank) and they printed on the penultimate statement the precise date of change - which happened to coincide with my statement.
There's the clue. The interest-free period ends with the statement date. So you have to clear the full outstanding balance by the due date on the statement in order to avoid the interest charge.
This is probably what RBS meant when they referred to the terms & conditions. It's probably not spelled out in the same way I've explained it here, but the T&Cs will refer to the "statement date" or "payment due date" or something similar.Warning ..... I'm a peri-menopausal axe-wielding maniac
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I'm a bit slow this morning, have we worked out why their idea of 9 months is actually 8.5?0
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AFAIK, RBS "9 month" 0% cards have a fixed ending date no matter when the account was openned that changes on a monthly basis.
So if you are lucky you can get up to 9.5 months at 0% but only 8.5 months if you are unlucky.0 -
It depends on the credit card, some will coincide with the due date, others not.Debt_Free_Chick wrote:There's the clue. The interest-free period ends with the statement date. So you have to clear the full outstanding balance by the due date on the statement in order to avoid the interest charge.
This is probably what RBS meant when they referred to the terms & conditions. It's probably not spelled out in the same way I've explained it here, but the T&Cs will refer to the "statement date" or "payment due date" or something similar.
For example, I currently have a Virgin card that ends it promotional 0% period on the 1st May. However, the due date for my current bill is 15th May and there is no mention on the bill of when the period finishes. The estimated interest is even quoted as £0.00 as it is based on the interest rate applicable at the time of printing the bill and not that applicable next month. If I only paid the £5 minimum payment the estimate would be very wrong! Even if I paid off the balance in full by 15th May I would still be charged interest next month!0 -
King_Of_Fools wrote:AFAIK, RBS "9 month" 0% cards have a fixed ending date no matter when the account was openned that changes on a monthly basis.
So if you are lucky you can get up to 9.5 months at 0% but only 8.5 months if you are unlucky.
In which case, they should make it clear to all of their customers when their particular promotional offer is due to finish. It's not difficult, just print it on the statement (as MBNA do).
An alternative would be to revise their adverts and instead of promoting "9 months interest free", they should put "between 8.5 to 9.5 months interest free, depending on whether you are unlucky or not and we'll let you know when we slap a huge interest charge on your account". "One day I realised that when you are lying in your grave, it's no good saying, "I was too shy, too frightened."
Because by then you've blown your chances. That's it."0 -
I was going to say it was unrelated to my statement date, because the statement date is the 10th and the promotional period allegedly ended on the 13th. However, I see that 10th March was a Friday, so they could conceivably have taken it to be the next banking day I guess.mrcow wrote:In which case, they should make it clear to all of their customers when their particular promotional offer is due to finish. It's not difficult, just print it on the statement (as MBNA do).
An alternative would be to revise their adverts and instead of promoting "9 months interest free", they should put "between 8.5 to 9.5 months interest free, depending on whether you are unlucky or not and we'll let you know when we slap a huge interest charge on your account".
I agree. I says in my summary box, as clear as the nose on my face, that the promotional period is for 9 months from the account opening date; and nowhere in the T&Cs does it refine this. I don't think it would have been difficult to say something like "up to the date of your 9th statement", or something like that. It's misleading, plain and simple, and the number of legs they have available upon which to stand is close to zero.0
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