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Citicard charging interest even though balance paid off??
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grrrrrrrrr
Posts: 2 Newbie
in Credit cards
I just want to know whether anyone has had a similar experience with any other cards and if I can do anything about this .....
Citibank have been awful for the last couple of years and recently, started charging 32.5% pa. I decided to move the balance to another card, which I did. I cleared the balance at the end of October.
My statement date is November 10th and I logged on to check on the 9th (Monday) to check my glorious NIL balance. So far so good. Now I've logged on today, the 11th and found a £62.31 charge! I phoned up Citibank and they said that in order to clear my balance I'd have to phone up and ask for a "settlement figure" as they charge the interest daily.
This is the first time I've heard of a card charging interest daily, otherwise, you'd have to pay the outstanding balance on the day of the statement not to be charged interest and it seems, well insane. I would like to know if there is anything I can do about it. Obviously the time is ticking and to clear it today it'll cost me £62.43 and then next month I'll be paying more interest on interest! Out of principle I've refused to pay over the phone but I'm livid and I understand that the bank has hiked up the rates and don't really care about their customers but my main point is that I signed up to a card which offered "56 days interest free" not some stupid compound interest money making scheme.
Love and hugs to everyone,
Grrrrrrrrr or M when I'm not furious xxx
Citibank have been awful for the last couple of years and recently, started charging 32.5% pa. I decided to move the balance to another card, which I did. I cleared the balance at the end of October.
My statement date is November 10th and I logged on to check on the 9th (Monday) to check my glorious NIL balance. So far so good. Now I've logged on today, the 11th and found a £62.31 charge! I phoned up Citibank and they said that in order to clear my balance I'd have to phone up and ask for a "settlement figure" as they charge the interest daily.
This is the first time I've heard of a card charging interest daily, otherwise, you'd have to pay the outstanding balance on the day of the statement not to be charged interest and it seems, well insane. I would like to know if there is anything I can do about it. Obviously the time is ticking and to clear it today it'll cost me £62.43 and then next month I'll be paying more interest on interest! Out of principle I've refused to pay over the phone but I'm livid and I understand that the bank has hiked up the rates and don't really care about their customers but my main point is that I signed up to a card which offered "56 days interest free" not some stupid compound interest money making scheme.
Love and hugs to everyone,
Grrrrrrrrr or M when I'm not furious xxx
0
Comments
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I don't know citi's exact t&cs but it is usual for interest to be charged daily on cards and on most you will require to pay the full statement balance on 2 consecutive months to avoid any further interest. 56 days interest free period only applies if the balance is cleared in full every month.
hth0 -
Thank you. The thing is, the same thing did not happen when paying off both Mint (RBS) and Barclaycard. Both companies accepted the statement amount and charged no extra interest.
Thanks,
Grrrrrrrrr0
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