Thomas cook credit card - problem over end of int free period

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Will try and make this as short as possible.

I took out a Thomas Cook Credit card on 29th April (sold to me by a memebr of the Thomas Cook staff) when I visited a Thomas Cook shop to book a holiday to USA. The holiday bill was placed on the card. The card came with 3 months interest free credit on purchases I was verbally told to pay off the balance by the end of the third statement date by the Thomas Cook representative to avoid Interst payments.

For info, I am person who has previouly paid off their credit card in full. Over the next two months (May and June) I paid the minimum payment amount. The wording on my June statement said The balance on your 0% promotion is x. This rate will end on 29/7/2010. After this the relevant standard interest rate will appply as appropriate

My July statement issued on 11/07/2010, had a payment to reach my account date of 5/8/2010 on it. The above wording though had disappered, although in the Interest Rate box, it did show 0% Int rate and expiring date of 29/7/2010 but no warning. I paid off the statement balance in full just before 5/8/2010 statement date but after 29/7/2010.

Come the August statement I had been charged Interest from 29/7/2010 upto 2/8/2010 on the full outstanding July Credit card balance Although I spoke to the Credit card company about this, I reluctantly paid up the August balance in full plus the small amount of Interest

Now comes the September statement and I have again been charged Interest. The interest charged now is based on the August credit card balance between the statement date of 16/8/10 and 6/9/10 (just before the payment due date on the August statement)

Now I am seriously unhappy about this, as anyone can see I am trying to pay off the balance in full. I am paying each month the full statement balance but still accruing interest the following month.

Speaking to the credit card company has got me nowhere, although I am awaiting a phone call from the complaints department, following the submission of an official complaint. I am prepared to accept the July Interest payment, but am not prepared to accept the August Interest payment. I have also been advised I will again be charged an unknown amount of Interest in September (& Presumbaly October/november etc) as interest is being charged on the full outstanding balance between the statement dates and the the date I fully pay off the balance. The only way I can see out of this is to pay off the balance and not use the card for several months to ensure no new transactions are charged for (and Int aded to)

Anyone have any thoughts on this, ie am I being reasonable/unreasonable.

I am thinking of going to the FSA if I get no joy form the complaints dept for miselling as the initial person told me to pay off the balance by the end of my third statement, which I did. This was of course told verbally and I have nothing in writing. Or shall I just put all this down to experience.

Comments

  • [Deleted User]
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    I think you need to put it down to experience,. The end date was clearly stated on the statements and that should have prompted you to clear the balance by that date.
  • Paul_Herring
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    1) End of interest free periods rarely coincide with payment or statement dates.
    2) You missed full payment by the end of the interest free offer, so you get charged interest.
    3) You didn't pay your last (August) bill off in full, so you have residual interest on the next statement (September)
    4) Full payment of the bill produced from (3) will result in a 'fully paid off card' and you should not incur interest on the next (October) statement.

    While annoying, this is standard practise amongst most, if not all, credit cards.
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  • fossman
    fossman Posts: 353 Forumite
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    I know this is an old post but I have encountered this problem with my Thomas Cook Credit Card this past week.

    Statement was dated 4 December, payment due date was 30 December and interest free period ended 14 December. My balance was repaid in full my Direct Debit on 30 December.

    On my 4 January statement I had been charged interest, I contacted them by telephone and was told I had no chance of getting a refund.

    I emailed a complaint through the contact us section of the website and have now got the interest refunded.
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  • Paul_Herring
    Paul_Herring Posts: 7,481 Forumite
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    fossman wrote: »
    I know this is an old post but I have encountered this problem with my Thomas Cook Credit Card this past week.

    Statement was dated 4 December, payment due date was 30 December and interest free period ended 14 December. My balance was repaid in full my Direct Debit on 30 December.

    On my 4 January statement I had been charged interest, I contacted them by telephone and was told I had no chance of getting a refund.

    I emailed a complaint through the contact us section of the website and have now got the interest refunded.

    You got lucky.

    What exactly do you expect to happen wrt interest between the 14th of December and the 30th of December, bearing in mind that the previous statement had not been paid off in full?
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  • Wandacat
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    You got lucky.

    What exactly do you expect to happen wrt interest between the 14th of December and the 30th of December, bearing in mind that the previous statement had not been paid off in full?

    I was the original poster for this thread. I resolved my complaint in the end and had no interest to pay. My complaint centred around what i was told by the Thomas Cook staff member when the Credit Card was sold to myself in store(Which was secondary to the booking of an holiday to the USA) in that I was told to just to pay off the balance off by the third statement. In addition I was not advised that the Interest free period only applied to the cost of the holiday and not to any purchases I made on the card upto the end of the Interest free period.

    I think in the end, the Interest charged to my account was deleted, as they could not dispute my version of events and put it down to additional staff training at the point of sale being required.
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