Your Daily Interest

pdoffwithinterest

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?

molerat

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.

bethanyrayne

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.

CLAPTON

just to add, you need to pay the full amount on your CC for two consecutive months before the interest stops.

ICan'tStandIt

Alx_B wrote: »

AFAIK the only way of not getting hit by interest at all is to pay of your full balance each month when the statement comes in.

What does AFAIK mean ?

Mozette

AFAIK = as far as I know.
Well, as far as I know it does!

Wezzbob

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?

normanmark

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.

ICan'tStandIt

Mozette wrote: »

AFAIK = as far as I know.
Well, as far as I know it does!

Ta very much, but surely it doesn't take that long to type the whole thing ?

sillyvixen

Wezzbob wrote: »

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.

normanmark

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.