Natwest 0% Steal money from you

nicelad_uk

Hello,

I thought I would let everyone know about this. I have had a Natwest credit card and had it on 0% for 9 months.

On my bills it has said 0 interest will be paid if the minimum payment was sent until today, which said £53.35 would be paid.

So, I paid the bill in full and then find that they still deducted £43.23 from my previous balance. Is this legal? They havent notified me that they are going to take this amount on my previous statement and there is not mention at all about this amount.

They claim that the 0% ran out through the middle of the statement, how can they do this? This never happens with other credit cards and 0%, can anyone advise please? thanks

exel1966

nicelad_uk wrote:

Hello,

I thought I would let everyone know about this. I have had a Natwest credit card and had it on 0% for 9 months.

On my bills it has said 0 interest will be paid if the minimum payment was sent until today, which said £53.35 would be paid.

So, I paid the bill in full and then find that they still deducted £43.23 from my previous balance. Is this legal? They havent notified me that they are going to take this amount on my previous statement and there is not mention at all about this amount.

They claim that the 0% ran out through the middle of the statement, how can they do this? This never happens with other credit cards and 0%, can anyone advise please? thanks

Sounds like you haven't paid within the stipulated 9 months. Some c/card 0% offers commence at card opening date, some at transfer date. You'd have to check the T&C's to be sure.
Either way you will get exactly 9 months to the day. You won't get the additional 56 days (or whatever Nat West give you) on top of that as you would get on a normal spending balance which would need to be cleared prior to interest being charged.
Just look back to when you opened the card/made the transfer and then look at the exact day you cleared that balance. I'd say it's probably more than 9 months exactly.

anticlaus105

By the time you get a statement with an interest figure greater than £0 it is gen too late. Had the same issue with a virgin card a while back. They halved the interest when I kicked off.

You need to find out in advance the cut off date for your interest free period and pay in full before that date to aviod interest.

Moggles_2

Hi there & welcome to MSE

Thanks for your feedback, which will warn others.

They claim that the 0% ran out through the middle of the statement. How can they do this? This never happens with other credit cards and 0%

If this was your experience up until now, you were lucky. The 'next month's estimated interest' figure on monthly statements was designed to help consumers, but unfortunately lulls some into a false sense of security.

Best practice is to check when you sign your credit agreement, the date on which your 0% introductory rate expires. This rarely coincides with the payment due date on a monthly statement, so chalk it on your calendar, circle the date in your diary or tie a knot in your hankie - whatever does it for you. Then make up your mind to pay up or shift the balance elsewhere in plenty of time before the promotion ends.

Moggles_2

Sound advice, Al Mac.

Credit card companies are often circumspect about the expiry date, which is seldom stated anywhere in the paperwork.

Yet most require customers to phone and activate the card on receipt and a Freefone number is very often provided, so this is the ideal opportunity to find out where you stand.

Customers' forgetfulness is one of the ways lenders claw back the costs of their 0% promotions, so we cannot rely on them to remind us when to pay up!

sicker

Likewise with me. I ask for the expiry date of the 0%, note it down and make sure I clear the balance 2 weeks before the date, just to be on the safe side.

John