AMErican express Interest Charge...

reverand33

Can anyone help me... I recently paid off £600 of an £800 balance on my AMEX card and was really shocked to be charged £20 interest the following month. When I queried this they replied that if I didn't pay the balance in full every month I would be charged interest on the outstanding amount AND andy subsequent purchase made up until the payment was made in full - so basically I got charged interest on everthing i bought on the card for the following month! They said that this was industry standard but i've never come accross anything like it before.... would appreciate any feedback...

YorkshireBoy

reverand33 wrote: »

They said that this was industry standard but i've never come accross anything like it before.... would appreciate any feedback...

You were given the correct information...it is "industry standard".

You need to clear two consecutive statement balances IN FULL to stop the interest.

CLAPTON

you are charged interest from the day you spend the money until the day you pay it off.....

unless you pay the full amount each and every month.

so in your case you paid interest on the 600 from the date(s) you bought the items until the day paid and you also paid interest on the 200 from the date(s) you bought those item until the statement date.

and you will be charged interest on the 200 plus your other purchases from the latest statement date to the date you actually pay that off too .. this will show on your next statement



in summary to stop interest you must pay the full balance for two consecutive months