Lloyds Interest charges

lotto

I have just started paying interest on my Lloyds credit card and noticed that although I paid half of the amount owing last month, I have been charged interest on the full amount for this month.
For example:
Spent £4000 in January, Paid £2000 off Feb statement.
March statement charged interest on £4000

Is this correct?

Willowx

Yes, with all credit cards I know of if you pay less than the full amount even by a penny then you pay interest on the lot.

normanmark

100% correct.

NBE

Unfortunately that is one of (many) money making schemes the credit card companies have.

lotto

Thanks to all!

Paul_Herring

Well technically, you'll be charged interest on £4000 from when it was put on the card, until you paid the £2000, then interest on the £2000 until the date of the statement the interest appears on.

Then you'll be charged interest on the £2000 until the next payment reduces that amount.

If you clear that £2000 with your next payment, you'll incur some residual interest on the *next* statement after that (when you'll probably expect no interest) which will cover interest on the £2000 between the date of the last statement and the repayment of £2000.