Credit Card Min Payment

JBJ2004

Are credit cards allowed to charge you late payment fees or take away your introductory balnace transfer rates if the minimum payment takes you over the limit but you have made NO transactions since your last statement?

cifpower

How can a payment take you over your limit? Have there been interest charges which have taken you over it?

JBJ2004

cifpower wrote: »

How can a payment take you over your limit? Have there been interest charges which have taken you over it?

Yes. I am and have been on some occasions too close to my limit and the min payment has taken it over that credit limit

cifpower

A payment cannot increase your balance though which is why I am a little confused. If there has been interest applied that has taken you over your limit you will be hit with an overlimit fee and any promotional offers will be withdrawn.

never-in-doubt

Do you mean like you have a limit of £1000, your balance is £970 and they take the £25 min payment but on the new statement date add £65 interest meaning you're actually £10 overlimit?

Hypothetically of course?

never-in-doubt

If the above is the case then yes they can do it cos you should always ensure that the min payment you send at least covers the interest rate! I can only assume you were sailing close to your limit or you have a high balance which meant a lot of interest was added......

JBJ2004

never-in-doubt wrote: »

If the above is the case then yes they can do it cos you should always ensure that the min payment you send at least covers the interest rate! I can only assume you were sailing close to your limit or you have a high balance which meant a lot of interest was added......

But my argument is that if the minimum payment isn't enough to prevent you going over at the next statement then they should inform you of this.

My balance is 2800 and yes its close to the limit.

never-in-doubt

JBJ2004 wrote: »

But my argument is that if the minimum payment isn't enough to prevent you going over at the next statement then they should inform you of this.

My balance is 2800 and yes its close to the limit.

Yes they do inform you! Look at the last statement you got, it will clearly tell you on there what next months interest will be assuming you only pay the minimum - all statements do!

You need to read the statements!

Sorry, but it is a case of lesson learned i'm afraid :rolleyes:

JBJ2004

never-in-doubt wrote: »

Yes they do inform you! Look at the last statement you got, it will clearly tell you on there what next months interest will be assuming you only pay the minimum - all statements do!

You need to read the statements!

Sorry, but it is a case of lesson learned i'm afraid :rolleyes:

It says 'Estimated interest next statement'

What it doesn't say is that the estimated interest and the NEXT min payment will take you over your limit.

never-in-doubt

JBJ2004 wrote: »

It says 'Estimated interest next statement'

What it doesn't say is that the estimated interest and the NEXT min payment will take you over your limit.

Oh come on mate - please stop being so silly.

Of course they will not tell you that it will take you overlimit - that is for you to work out, you being the account holder - you know, the one that owns the account!

They tell you the interest and your balance and the min payment.

Get the balance, deduct the min payment and add the estimated interest and if this is a higher value than the limit guess what?

You go overlimit!

What, you want them to wipe your arsey now? Come on mate, please don't be so daft :mad: :mad:

JBJ2004

Yeah thanks for your friendly help and advice so charmingly delivered.