Paid off balance in full BUT interest charged

Valli

Hi
I paid off my Barclaycard in full - the entire outstanding balance was paid this last statement AND in time.
I have just checked online and found that they are charging interest for the month...is this right?

(It's not a lot - £3.68 - but if I pay THIS they'll still charge interest on the £3.68 - I feel like I am trapped in a spiral of constant interest payment;):o:p:rolleyes:)

Just found THIS on the website...
Even if you pay the balance in full, the interest charge for the period from the previous statement to the date of full repayment will be debited the following month.
Interest will be charged on a daily basis and interest payments therefore will increase the longer payment is delayed (even before the monthly payment date).

So I do have to pay! - and I have paid it!

And will I be charged interest on the interest? Second question to the experts then (you lot!)
Is this fair and reasonable?

Moggles_2

If you decide pay off your statement balance in full, having made the minimum or a partial payment the previous month, residual interest (or trailing interest as it's sometimes known) would accrue on a daily basis from the date of your last statement to the day the funds are credited to your account.

If you were to settle the statemented balance in full for two consecutive months, you would have x days interest-free on purchases. This applies to all credit cards, not just Barclaycard.

That said, B'Card credits payments to your account on your statement date, regardless of when the payment is received. This means that, unlike most credit cards, there's no advantage in settling up early. If you make a payment before the payment due date, this lender will not reduce the interest-bearing balance until your next statement is produced.

Valli

well I have thwarted 'em.
I cut my card up MONTHS ago and will not be using it then - that's sneaky (re not crediting the account when monies received) and my sis works for them...

Thanks Moggles!

(Does that mean they WILL charge interest on the £3.68 then...?)