debenhams c/c intrest charge is that right?

agata_z

HI
I recently received Debenhams credit card, I spent £505.00 and then paid off £450.00 before the due date, £55.00 were outstanding to pay. They calculated £12.47 intrest charge that showes on the next cc statement, is that right???
I called the customer services and a woman slightly annoyed by my questions told me that the intrest charge was calculated on the amount of £505, can they do that? i pad off 450!
I have always thought that the intrest is calculated on the amount you failed to pay in my case £55, I am sure this happens with my other credit cards if I do not the full balance on time.
can anyone explain to me please how it actually works?
what is the amount cc issuer calculates the interest on?
many thanks
agata_z

YorkshireBoy

The calculation method employed is perfectly correct, and is the same for all cards.

Interest accrues in the background based on each day's closing account balance. ONLY if you settle the bill in full, and by the due date, is this interest waived.

Expect some interest to be charged on your next statement, and continuing residual interest until you clear two consecutive statements in full.

Your T&Cs will explain. Do you have access to them?

agata_z

I do, I need to have a look at them then
But it still does not feel right, I will make sure I wil pay off the balance in full every month now! this is certain!
Thank you YorkshireBoy