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Barclaycard - Interest Allowed?

Fr0sT
Fr0sT Posts: 14 Forumite
in Credit cards
Hey all,

I did have an extremely high interest Barclaycard so I transferred the balance on to a 0% card and closed my account. However I got a statement from them today and they have charged me interest after the account has been paid off, one day after in fact, the balance transfer was on the 17th Apr and interest charged on the 18th. Is this allowed?

Seems unfair, any advice would be appreciated.

Thanks

Comments

  • NickX
    NickX Posts: 3,046 Forumite
    Yes this is normal although it does catch a lot of people out.

    It is known as "Residual Interest" and represents interest accrued from your final statement to the date that you actually paid the balance.

    It is usually the case that you need to clear 2 statements in full to clear all the residual interest.

    I know its sneaky, but it is standard practice for Credit Cards.
  • Fr0sT
    Fr0sT Posts: 14 Forumite
    NickX wrote: »
    It is usually the case that you need to clear 2 statements in full to clear all the residual interest.

    I was afraid of that lol, thanks for the advice.
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