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  • FIRST POST
    • alkaty87
    • By alkaty87 10th Oct 16, 4:34 PM
    • 3Posts
    • 1Thanks
    alkaty87
    statement balance and interest
    • #1
    • 10th Oct 16, 4:34 PM
    statement balance and interest 10th Oct 16 at 4:34 PM
    Hello to everyone.
    Bit of advive.
    I have a lloyds credit card, my 6th of september statement had a statement balance of £519.58, on the 19th of september i used the card for £60.02 of petrol.
    My payment due date was oct 3rd.
    On sept 30th lloyds received a payment of £579.60 which was the current balace showing on my online account.
    I have just received my october statement and it shows a statement balance of £6.62 which is interest.
    I have just been on the phone to query this and the advisor is adamant that this is correct and says the interest is from the previous month ie august, i cannot understand this at all as i understood that if you pay the statement balance in full ie £519.58 you would not pay any interest.
    Hope someone can help.
    Kathleen
Page 1
    • zx81
    • By zx81 10th Oct 16, 4:41 PM
    • 9,319 Posts
    • 9,140 Thanks
    zx81
    • #2
    • 10th Oct 16, 4:41 PM
    • #2
    • 10th Oct 16, 4:41 PM
    Did you pay the previous statement in full? I assume not.

    If not, you will need to pay two consecutive statements in full to get back to having interest waived.
    • alkaty87
    • By alkaty87 10th Oct 16, 4:58 PM
    • 3 Posts
    • 1 Thanks
    alkaty87
    • #3
    • 10th Oct 16, 4:58 PM
    • #3
    • 10th Oct 16, 4:58 PM
    Thankyou for your speedy reply, no i didnt pay off the full balance at the end of aug, i thought the interest showing on my sept statement was for that month, oh well i suppose you learn something everyday thanks again.
    Kathleen
    • 20aday
    • By 20aday 10th Oct 16, 5:48 PM
    • 1,707 Posts
    • 689 Thanks
    20aday
    • #4
    • 10th Oct 16, 5:48 PM
    • #4
    • 10th Oct 16, 5:48 PM
    I've a Choice Rewards credit card myself.

    In the top left hand corner of the PDF statement in Online Banking it says "Next month's interest"; what does it say on your July and August statements?

    I've also found this further down:

    We calculate interest daily based on the total amount you owe. We add together all the daily interest amounts in each statement period and add the total to your balance on your statement date. The sooner you make your payments, even before the payment due date, the less interest you will pay. There are some exceptions to these interest rules. Details are available within your terms and conditions.

    Hope that helps?
    It's not your credit score that counts, it's your account conduct and credit history.
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