Quick CC maths question please!

Broken_hearted

in*the*red wrote:

OH MY GOD, I didn't know they did that! Unfortunately the card's in my husband's name so they won't talk to me. They've received the final hundred 1 day after the payment due date and if they don't waive the interest I'm going to close the account, tell them we're switching bank accounts and chase them for unfair bank charges - see how they like that!

I'm so :mad: :mad: :mad:

Go for it!

Scouse_Mick

It may be right actually but I would query it just in case. As Clapton says the actual amount you pay is complicated by the day it went on, the day you paid it off, etc. but it shouldn't be more than (£1491 * 1.456%) = £21 on that. However that is for one month only. If you spent the money, say, six weeks ago then that is probably right. All depends as Clapton says.

Its true that they do charge you interest on the whole amount if you don't repay in full - even if you've only 1 penny left!

CLAPTON

when did you actually spend the money? because the interest starts from the day you spend.

in*the*red_6

Scouse_Mick wrote:

Its true that they do charge you interest on the whole amount if you don't repay in full - even if you've only 1 penny left!

Well the big car repair bill went on on 30th March so I bet that's why.

I honestly can't believe that I've been using credit cards all this time and I didn't know that, we've paid so much interest to the bl00dy NATWEST all this time.

Thanks for the info anyone, maybe they are acting within their t&cs but they're t&cs I'm definitely not putting up with.

CLAPTON

in that case it works out approximately that they charged interest at
1.46% on £1,491 for approx 45 days(i.e. from 30/march to mid may) which is about £32.5

so its absolutely essential to clear the full balance every month ....and by the way all credit cards do this.

in*the*red_6

CLAPTON wrote:

in that case it works out approximately that they charged interest at
1.46% on £1,491 for approx 45 days(i.e. from 30/march to mid may) which is about £32.5

so its absolutely essential to clear the full balance every month ....and by the way all credit cards do this.

Does that mean I haven't got a leg to stand on if they speak to me (with hubby's permission later)?

moongarden

in*the*red wrote:

... if they don't waive the interest I'm going to close the account, tell them we're switching bank accounts and chase them for unfair bank charges - see how they like that!

why not do those things anyway?

CLAPTON

its always worth a try but without knowing every line and date on your statements it seems 'reasonable' in terms of the T&Cs. However maybe you could argue that you only missed the pay date by one day so it was unfair in some way.

in*the*red_6

Called Natwest prepared to threaten them but didn't have to - they are refunding the interest payment as "a gesture of goodwill".

Unfortunately it will come off next month's bill which means I've still got to pay the extra this month or they'll charge me interest again.

Thanks for the help and info, I've certainly learnt something today. :beer: