Time lag before interest can be levied?

suprcmando

Can anybody out there confirm how long a credit card company has to wait before they can bill you for the monthly interest assessed? I've notice on numerous recent occasions, that I've been billed for the monthly interest before I even receive my monthly statement. The interest is automatically calculated & levied on the last day of the billing statement. Isn't there a period of notification the companies need to give their customers before they charge the assessed interest?

If not, shouldn't there be? If banks have to provide advance notice to customers when changing their rates, shouldn't credit card companies have to do the same if they're levying interest & fees? I'm not debating the concept of charging interest on the card, rather the fact that being charged the interest before being informed how much the charge will be [read: was] is a bit fresh, even a bit unethical.

Needless to say, I'm interested in finding a more customer friendly lender.

normanmark

If you pay the statement in full & by the due date on the statement then you won't be charged interest.

If you've not done either of that, then interest will be calculated & charged on the following statement.

So going by what you say, there was an interest charge before you got the statement. It'll be referring to the previous months statement as to why interest was charged.

Paul_Herring

Isn't there a period of notification the companies need to give their customers before they charge the assessed interest?

Statements from most CC providers usually state an expected amount of interest due the following month. I'd say a month should be sufficient notice.

Or you could just pay your bills off in full and benefit from the interest free periods instead.