Is this a rip-off or i just don't get it

violetmva

Few years ago i took a credit card from Adams. Never had problems, as i was paying it in full. Just before Christmas i forgot to make a payment, as we just move home and wanted to make it nice before the holidays. It just slipped my mind. I was fined for late payment on my next statement. As i lost my job i had to start making only the minimum payments on the card. And i was paying them - the amount shown at the end as a minimum. Well, because i didn't pay in full i guess the interest put was making the account going over the limit. So now i'm charged every time for overlimit charges.My question is doesn't the minimum payment requested by the card issuer, have to cover and make sure the account is in limit? I have a Barclaycard and never had problem of that sort when i was a making a minimum payment.

jobbingmusician

It does sound implausible if the minimum payment on the card is LESS than the interest accumulating, which seems to be what you are saying. Can you give us some figures with the APR (or monthly percentage?)

Also you might get lots of responses to this post on the Debt Free board, or CC board, as they are experts over there

violetmva

my statement looks like this

Balance from last statement 601.00
Payment 30.00
Overlimit fee 20.00
Service charge at 2% a month 6.27
Service charge at 2% a month 6.88 (Have no idea why they charge twice)


Balance 604.15
minimum paymnet due: 24.16

mr_fishbulb

what's the limit for the card? £600?

jobbingmusician

It looks like it's the overlimit fee which is screwing everything. Can you afford to get the balance under your limit, which should sort everything out? (Assume they can charge you an overlimit fee for the current month when doing this).

Then rush off and look at this thread - see if dchurch will help you - I'm not sure if CC charges are illegal iin the same way as bank charges are, but it would be worth asking!

violetmva

Thank you all!

But is it right to ask me to pay only 24 GBP as a minimum, when i'm already over the limit with 50 GBP?

jobbingmusician

A good moneymaking scam, if you ask me!!!! But I expect it's embodied in the T & C that you have to pay off your overlimit separately - they will have protected themselves....