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Abbey card - when does nine months mean ten months
AndyRat
Posts: 98 Forumite
in Credit cards
I took out the 0% for nine months Abbey CC (via MBNA) last year, the account opening date was 13 September 2005, so, I assumed that I would need to pay off the balance by 13 June 2006 (nine months from account opening).
However, a few weeks back, I phoned to confim this, and was told the date that I needed to clear the debt to avoid interest payments was 13 July 2006
I was going to play safe and clear the by 13 June anyway.
Then today, I got a letter from Abbey stating that "I had recently opened an Abbey Credit Card account" Recently ?? In the small print, it states "The current interest rate will continue to apply until the date of your July statement, unless you are in breach of any of the terms and conditions that apply to your account. Afterwards, it will revert to your contractual rate."
As my statements have always been on or around the 13th of the month, this seems to confirm the payment date I was told when I phoned them.
So, a dilema now, do I play safe and clear the debt by 13 June, or sit it out unil 13 July, the money is sat in my Abbey flexible mortgage earning a nice 5% tax free.
Your thoughts please....
Many thanks
However, a few weeks back, I phoned to confim this, and was told the date that I needed to clear the debt to avoid interest payments was 13 July 2006
I was going to play safe and clear the by 13 June anyway.
Then today, I got a letter from Abbey stating that "I had recently opened an Abbey Credit Card account" Recently ?? In the small print, it states "The current interest rate will continue to apply until the date of your July statement, unless you are in breach of any of the terms and conditions that apply to your account. Afterwards, it will revert to your contractual rate."
As my statements have always been on or around the 13th of the month, this seems to confirm the payment date I was told when I phoned them.
So, a dilema now, do I play safe and clear the debt by 13 June, or sit it out unil 13 July, the money is sat in my Abbey flexible mortgage earning a nice 5% tax free.
Your thoughts please....
Many thanks
0
Comments
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Hi there
I'm not a complete expert on this and I'm sure some of the more experienced guys will be along soon, but in my opinion ...
definitely definitely definitely pay it off by 13 June and not July
The reason being is a) I don't trust them and b) I'm sure I read somewhere on a post about if it's not paid by 13 June then it would go onto your next statment and get paid interest.
Not sure if that is totally correct, but if in any doubt pay by 13 June, in fact, I would pay ASAP if you've got the money as it's so close.
0 -
Provided you make a minimum payment for June (and July also as this wil be about 5 days ahead of the July statement) and then pay it off on the last day you will not be charged any interest. That is what your Abbey letter says and (even if it is a mistake on their part, which I don't think it is) they will be bound by it. Plus it is the same thing as the CS person told when you called.AndyRat wrote:I took out the 0% for nine months Abbey CC (via MBNA) last year, the account opening date was 13 September 2005, so, I assumed that I would need to pay off the balance by 13 June 2006 (nine months from account opening).
However, a few weeks back, I phoned to confim this, and was told the date that I needed to clear the debt to avoid interest payments was 13 July 2006
I was going to play safe and clear the by 13 June anyway.
Then today, I got a letter from Abbey stating that "I had recently opened an Abbey Credit Card account" Recently ?? In the small print, it states "The current interest rate will continue to apply until the date of your July statement, unless you are in breach of any of the terms and conditions that apply to your account. Afterwards, it will revert to your contractual rate."
As a general rule, MBNA promotional periods seem to always run for 'X' statements rather than 'X' months. Thus if your first statement was about 13th October 2005 (which I',m guessing) they would add nine months to that - taking you to 13th July 2006. Many new credit cards will produce a statement a week or so after the account is opened.
Payment options:
If you pay by debit card one working day before 13th that takes effect on the account from the 13th. That would be Wednesday 12th (and you must have cleared funds in your bank or banks on that day) Otherwise you can BACS them a day earlier - which includes balance transfers from follow on credit cards - if any - and it should reach them on 13th......under construction.... COVID is a [discontinued] scam0 -
Thanks for the replies......I tend to agree with Milarky, the letter and the CSA both indicate 13 July, so I was thinking of playing online about a week before this date. As you say, even if it is a mistake, it is in writing, and I would have a good case to claim back any interest that is charged.
I will mull it over for the next few days, if I choose to play safe, I will pay early next week, if not around 6 July.
Thanks again.0
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