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Your Daily Interest

pdoffwithinterest
Posts: 1 Newbie
in Credit cards
As anyone come across the Daily Interest Clause?
I've paid off one of my Credit Cards in full last month and have just received a statement showing interest. I called the Card company who say they charge interest daily and to pay off the balance you have to pay twice, once for the balance and then the interest. The interest is calculated from the statement date to the day you pay off the balance.
Is there any way of not paying this interest?
I've paid off one of my Credit Cards in full last month and have just received a statement showing interest. I called the Card company who say they charge interest daily and to pay off the balance you have to pay twice, once for the balance and then the interest. The interest is calculated from the statement date to the day you pay off the balance.
Is there any way of not paying this interest?
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Comments
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This is the way it has always been (or at least for the past 30+ years that I have been using credit cards)
and is in the T&C's which is always a good thing to read. And that interest will be acruing more interest if you don't pay it off.
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pdoffwithinterest wrote: »As anyone come across the Daily Interest Clause?
I've paid off one of my Credit Cards in full last month and have just received a statement showing interest. I called the Card company who say they charge interest daily and to pay off the balance you have to pay twice, once for the balance and then the interest. The interest is calculated from the statement date to the day you pay off the balance.
Is there any way of not paying this interest?
It's residual interest that was calculated from last statement to when you paid off the balance. If you want to clear balance in one go you must slightly overpay to take into account residual interest.0 -
just to add, you need to pay the full amount on your CC for two consecutive months before the interest stops.0
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AFAIK = as far as I know.
Well, as far as I know it does!0 -
woahhh....so wait a minute....
I just paid off the remainder of my BarclayCard which was £610 at 30%, and felt really good in doing so....but your telling me i STILL have MORE to pay off?? dammit i felt so good
Does anyone have any idea of a rough amount i can expect to pay off, AGAIN?0 -
Erm, you'll need to give some more info. Like how much the bill requested and how much you paid.
We're not mind readers.0 -
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woahhh....so wait a minute....
I just paid off the remainder of my BarclayCard which was £610 at 30%, and felt really good in doing so....but your telling me i STILL have MORE to pay off?? dammit i felt so good
Does anyone have any idea of a rough amount i can expect to pay off, AGAIN?
i paid off £4300 balance this month and was aware i would still incur interest - i am just pleased to have got far an the interest they are charging me is less than my monthly mininum payment.. i could not overpay as the t*** at the call centre could not give me a final figure including final interest payment. once you have paid the final interest the debt finished- better than knowing if you pay the min payment you will be in debt for donkeys years.
just to say i am not getting into that state again.. only keep card in case of emergency before payday, and will pay off in full asap.Dogs return to eat their vomit, just as fools repeat their foolishness. There is no more hope for a fool than for someone who says, "i am really clever!"0 -
sillyvixen wrote: »i could not overpay as the t*** at the call centre could not give me a final figure including final interest payment.
It'd be impossible for them to give the final figure including the interest, as they don't know when you would pay. Plus if they give the wrong info out (ie. a figure which is lower than what it actually is) they could be liable for it. What you should of done is just overpaid (base on your previous months interest for a rough guide), and then if the account is in credit they will be able to refund the money back to you.0
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