Is this right?

gazza975526570

I received last months Barclaycard Statement and from it i have transferred the amount over to the capitol one credit card at 0% till Sept 07.
All Good.
Well today i received a statement from Barclays and i presumed this would now show as a nil balance.
Well when i opened it there was an interest payment which was for around 5 quid. Now i know 5 quid isnt a massive amount of money but its still 5 quid.
I was under the impression if the balance was paid in full within the statement date then no intrest would be charged?
Have i misunderstood this or should there be no charge as i paid the debt off?
Any info would be appreciated.

grumbler

gazza975526570 wrote:

I was under the impression if the balance was paid in full within the statement date then no intrest would be charged?

What kind of balance it was?
If it was a balance transfered during introductory 0% offer, then you were wrong in assuming that intrductory period expires on the payment date shown in your statement.

gazza975526570

Well the balance was just amount id built up over a period of time.

I then arranged to balance transfer the amount, thus expecting no further intrest payment from this date onwards?

grumbler

gazza975526570 wrote:

Well the balance was just amount id built up over a period of time.

Well, if you built it over a period of time, I think this period was more than one billing month. This means that you did not pay previous balance(s) in full. In this case you didn't have any interest-free period on purchases and the interest added was interest on the statement balance for the period between the statement date and the date you paid the balance.

Only if you pay the balance in full and on time every month you have up to about 8 weeks interest-free period on purchases (only) and you don't pay any interest.
Summary Box :

Interest free period Maximum 56 days for purchases if you pay your balance in full and on time. There is no interest free period on cash advances, cheques or balance transfers.

gazza975526570

Thats a good call there Grumbler.

I was previously under the impression that if i received a statement and then paid it off in full before the next statement then no interest would be charged.

It seems i was incorrect in thinking this.Cheers.

giggs11

Sorry for jumping in here but this thread has now got me wondering about my 0% card that expires next month. I've been using it for 0% purchases and last statement was produced on 13th June with minimum payment due 7th July, next statement is due about 13th July but 0% period ends 21st July so I thought if I pay off the full balance before the 21st rather than wait for payment date of 7th August, or whatever it will be then, I should be clear of any interest due?

Can anyone confirm this is right or should I clear the balance before the July statement is even produced?

jojo1978_3

giggs11 wrote:

Sorry for jumping in here but this thread has now got me wondering about my 0% card that expires next month. I've been using it for 0% purchases and last statement was produced on 13th June with minimum payment due 7th July, next statement is due about 13th July but 0% period ends 21st July so I thought if I pay off the full balance before the 21st rather than wait for payment date of 7th August, or whatever it will be then, I should be clear of any interest due?

Can anyone confirm this is right or should I clear the balance before the July statement is even produced?

As long as your balance is only made up of purchases, then i would have thought that you would be ok paying it off by 7th august, because you are still clearing the balance in full by the due date on your statement, but if its made up of balance transfers then you would have needed to pay it in full by 21st july otherwise the interest goes on daily.

giggs11

jojo1978 wrote:

As long as your balance is only made up of purchases, then i would have thought that you would be ok paying it off by 7th august, because you are still clearing the balance in full by the due date on your statement, but if its made up of balance transfers then you would have needed to pay it in full by 21st july otherwise the interest goes on daily.

It is just purchases on the card, no BT's or anything, so you reckon they won't charge me any interest as long as it's paid off in full by the due date on that statement even though the 0% period will have ended by then?

Can anyone else confirm this too please? Sorry, just don't want to make a mistake and end up paying any interest as it's quite a big balance I'll be clearing

jojo1978_3

I think that the best bet may be to call them credit card company and have them confirm it to you, and ask them to make a note of whatthey have advised you on the account, then you can't go wrong.