Interest Charges on Repayment Cover only with Zero Credit Card Balance


Just wondered if anyone knew if I should be charged interest on Repayment Cover when my Credit Card balance is Zero?

I am due to pay off my whole balance on Aqua credit card this week and when I rang to ask what the balance would be, the lady gave me a balance but then kept saying that on 2nd of each month after that I'd have to pay repayment cover plus interest on that amount. Is this right as I'm not intending to use the card for purchases it would just be repayment cover which I assume I do still have to pay each month??

Any advice would be greatly received.


  • ---lee---
    ---lee--- Posts: 921 Forumite
    According to:
    How much does it cost?

    Credit Card Repayments Cover - Lifestyle costs 87p per £100 of your highest card balance each month**. If your highest balance on your credit card remains at £1000 each month then your premium will equate to £8.70 per month or £104.40 over 12 months. The premium will incur interest at your normal APR.
    The minimum monthly premium payable is 87p but no premium is due if your outstanding balance is nil at your statement date regardless of the highest balance in that month.
    IPT is Insurance Premium tax and is included in your monthly premium.
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