Unfair charge on late payment of 65p on credit card bill!

neil9313

how come you didnt pay by DD?

KiKi

The rather obvious answer is that he didn't have one set up!

I don't, either, because I pay my credit card from different accounts, depending on what I've spent my money on. Never missed a full payment, either. (It is, in fact, the reason I don't use my Egg Money Card, because I can't control the payments as I'd like...you have to set up a Direct Debit.)

Perhaps the helpful phrasing would have been: "it might be useful if you set up a direct debit for the full amount in future".

KiKi

TVM01

Have managed to reduce interest charge by half and have also set up a direct debit. Thank you again for all your help.

KiKi

Well done for getting it reduced; you obviously played Innocent and Naive very well.

KiKi

surreysaver

ShelfStacker wrote: »

So, as an example, pretend you borrowed £1000 on a credit card that's on a 0% deal for a year, but whose standard rate is 20% APR. If you, at the end of the year, paid back the entire amount less one penny, they would charge you £200 interest. Even though you paid back 99.9% of the debt, they've charged you interest on 100% of it.

Surely you pay the 20% for the previous statement period, rather than the whole year, so will be nearer £16 than £200?

Angie101

I did something similar. I forgot to fully pay all my balance of £50 and was charged £7 interest which I thought was huge amount of interest. But they said because I only made a part payment I had to pay the full interest

But they also said that I was charged interest for a computer that I bought mid month which I hadnt even been billed for (until a few days ago) I thought that was unfair!

jonnyb

:mad:

Unfair charge on late payment of 65p on credit card bill!

As Mable does not appear to have jumped on you, and called you stupid yet (I'm not saying you are stupid, but Mable often uses that word), allow me to participate in a bit of bleater bashing instead.;)

The title of your thread is completely misleading; the charge is not unfair; it is exactly in line with their terms and conditions, which are very similar to every other credit card company.

You have done very well to get them to reduce the charge, and even better to get a DD set up. You have learned from your mistake. Well done.:T

Maybe a better title would have been " Expensive credit card mistake; hope someone can benefit from my experience":p

KiKi

jonnyb

The OP obviously didn't realise that when he posted, but he knows now.

Given that this has already been pointed out, and is now resolved, it seems a shame that others need to spend their time putting him down even more for it.

KiKi

StevieJ

KiKi wrote: »

jonnyb

The OP obviously didn't realise that when he posted, but he knows now.

Given that this has already been pointed out, and is now resolved, it seems a shame that others need to spend their time putting him down even more for it.

KiKi

Agreed, I could not believe that ridiculous post.

NickX

surreysaver wrote: »

Surely you pay the 20% for the previous statement period, rather than the whole year, so will be nearer £16 than £200?

Yep, I was going to point out that ShelfStacker's calculation was flawed.

The OP is referrring to not paying the full balance off when on the standard variable APR, and as a result they were charged interest at the variable standard APR from the Date of the Transactions until the Date the payment was made.

ShelfStacker is referring to not paying off the balance before a 0% promotion expires, and yes you would only pay interest from the date of expiry of the promotion and NOT for the whole year. The sooner you pay it off the better.