M&S & More card

wattapain

Hi - I have an & More card - always pay it off , just use it for M&S points.
However, last month I made a bit of a mistake and didn't quite pay it off in full. :rolleyes:
I mislaid the b****y thing and paid £600 instead of £641.51 which was the correct amount owing.
Well, my bill arrived today and they have charged me £19.14 interest on that £41.51. :eek: Outrageous or what?
I rang them and was told that if the balance was not paid off in full 'even by £1' then interest is charged on the whole balance!!
Now I am a good customer - never had a lte payment or any hassle in god knows how many years and in fact have only last week received an offer of an increased credit limit (which I duly cancelled today)
When I complained, the young customer service operator, said that she would take £10 off the interst charged 'as I was such a good customer :mad: ' but couldn't help me any more !!
Any of you got any suggestions as to what I can do now ( if anything)?
Many thanks
Terri

aliasojo

Not sure what you're expecting? It's not like a late payment fee that some companies will waive (I know about that first hand lol).

Most, if not all, credit cards work in the same way - you pay interest on the whole balance...not just the bit left outstanding.

I think you did well to get a tenner knocked off tbh.

Anwen_2

Yup. This is why you should read the boring small print. Or, heck, even read the articles on this site, which warn you of these things...

wattapain

OK guys, looks like I messed up -Big Time :embarasse - really didn't know they did that
But thanks for your replies - will be much more careful from now on.

gkf

Interest is charged from the date of purchase until the date it is paid off in full. You will also have an interest charge showing on your next statement as well. The interest you have been charged is on the £641.51 from the date it was debited to your account up till the day you paid £600, then interest on the £41.51 until your statement date. You will now owe interest on the £41.51 from the last statement date until it is paid in full. Tough, I know

wattapain

gkf wrote:

You will also have an interest charge showing on your next statement as well. The interest you have been charged is on the £641.51 from the date it was debited to your account up till the day you paid £600, then interest on the £41.51 until your statement date. You will now owe interest on the £41.51 from the last statement date until it is paid in full. Tough, I know

But it will be paid off in full this month so how can they charge me any more?

gkf

You will owe interest on the £41.51 from the time the £600 was received until you actually pay it off in full. for example: say you bought something for £641.51 on 16th Feb - your bill came on lst March and you had 25 days to pay it in full. You paid £600 on 15th March so as you had not paid the balance in full you owed interest on £641.51 from 16th Feb until 15th March, then you are accruing interest on £41.51 daily until you have paid it in full. Hope this helps.

pipee

wattapain wrote:

Hi - I have an & More card - always pay it off , just use it for M&S points.
However, last month I made a bit of a mistake and didn't quite pay it off in full. :rolleyes:
I mislaid the b****y thing and paid £600 instead of £641.51 which was the correct amount owing.
Well, my bill arrived today and they have charged me £19.14 interest on that £41.51. :eek: Outrageous or what?
I rang them and was told that if the balance was not paid off in full 'even by £1' then interest is charged on the whole balance!!
Now I am a good customer - never had a lte payment or any hassle in god knows how many years and in fact have only last week received an offer of an increased credit limit (which I duly cancelled today)
When I complained, the young customer service operator, said that she would take £10 off the interst charged 'as I was such a good customer :mad: ' but couldn't help me any more !!
Any of you got any suggestions as to what I can do now ( if anything)?
Many thanks
Terri

If you always pay it off you should set up a direct debit to take the full amount each month, this will avoid any costly mistakes in the future.

galileo

I think you will just have to put this down to experience. You have done well to get £10 knocked off. You possibly could try and push them more by arguing that you spend a lot through the card (they get a cut of all payments from the retailer). They make money out of you this way, so if you were to leave they would not make that money anymore.

The dd solution may be the way to go.

It is worth noting incidentally that you can normally get late payment fees and overlimit fees waived if you call them up and ask them nicely.