No Interest Free Period

jcd1878

I have just paid off my Egg card in full for the first time in a long time and realised that I had incurred interest even though I had paid it off in full, Egg advised me that they do not currently offer any interest free period (I thought this is the purpose of credit cards!) I would just like to ask does anyone know if this is a common practice and if so what are the other cards to avoid.

Thanks.

JCD.

jweb2k

It is standard on some credit cards - the idea being you get credit "when you want it". Sometimes these cards are likely to be available to less credit-score-friendly individuals, sometimes they just have a lower interest amount.

LongTermLurker

Interest free periods are standard for purchases and I'd be surprised if Egg didn't offer it. Did you take a cash advance, or buy something? If it was a cash advance then it's standard not to give an interest free period.

Egg card - http://new.egg.com/visitor/0,,3_11081--View_1766,00.html

[FONT=Arial, Helvetica, sans-serif]Interest-free grace period Pay your outstanding balance off in full each month and benefit from an interest-free period of up to 45 days on all purchases. For cash advances and balance transfers you'll be charged interest from the date of the transaction.[/FONT]

Egg Money - http://new.egg.com/visitor/0,,3_79731--View_1654,00.html

[FONT=Arial, Helvetica, sans-serif]Interest-free period Pay your outstanding Egg Money balance off in full each month and you'll benefit from an interest-free period of up to 50 days on all purchases listed on your last statement. For cash advances and balance transfers you'll be charged interest from the date of the transaction.

[/FONT]

CannyJock

jcd1878 wrote: »

I have just paid off my Egg card in full for the first time in a long time and realised that I had incurred interest even though I had paid it off in full, Egg advised me that they do not currently offer any interest free period

If you don't clear the balance every month you pay interest. If you carry forward a balance from one month, there's no interest free period on purchases the next month.