Query on credit card repayment

pb3

Hi Folks,

I recently received notification of my Egg credit card statement. For the purpose of this thread let's round the statement figure to £900.

Now since the statement was issued I received a refund to my card of £200, meaning that my account balance is £700.

Leading to my question. Am i OK to pay the true balance of £700 rather than the statement figure of £900? Do I risk getting hit with an interest charge if I do this given that I've paid less than the statement figure?

Clarification appreciated. I would have thought I'd be OK but this is Egg we're talking about!

thriftymomma

pb3 wrote: »

Hi Folks,

I recently received notification of my Egg credit card statement. For the purpose of this thread let's round the statement figure to £900.

Now since the statement was issued I received a refund to my card of £200, meaning that my account balance is £700.

Leading to my question. Am i OK to pay the true balance of £700 rather than the statement figure of £900? Do I risk getting hit with an interest charge if I do this given that I've paid less than the statement figure?

Clarification appreciated. I would have thought I'd be OK but this is Egg we're talking about!

Has the whole £700 been accrued this month? Otherwise you will get an interest charge next month anyway. I think it is called residual interest.

pb3

thriftymomma wrote: »

Has the whole £700 been accrued this month? Otherwise you will get an interest charge next month anyway. I think it is called residual interest.

Yes I always pay off my statement in full. All the charges have accrued over the last month.

Debt_Free_Dreamer

I'd pay the full £900 leave it a few working days to hit the account and then ring them up and ask them to repay you the £200 back. They should be able to pay you back by BACS into your account in a few days.

Would not take the risk with the £200 credit being counted as a payment! Sneaky banks & credit card companies seem to do what they like....

Rich_Richmond

Well, its a nice advice, i too agree with it, to pay the full £900 and call the company in a few days to reconcile the over payment of £200. If its not so, then you will not have to pay any interest for the next month also.

Regards

exel1966

It's all very well paying £900, but WHY ? There is absolutely no need to if the refund has definately been processed back to your account and it's shown as such. You should only pay £700.

For purposes of payments refunds don't count so you still need to make a payment rather than none, but it's the overall balance that counts. Egg will NOT be expecting you to go £200 into credit.

If you're still uncertain, rahter than rely on the conflicting info posted here, ring EGG and ask them ?