help with interest

hayton2k3

i got a capital one classice for bad credit to rebuild credit.

this is what is last payment
12 Oct 2010 12 Oct 2010PAYMENT PROTECTION INSURA£1.29

and before it is all what i baught (shop names)
had it 2 months but its not charging me interest?
i dont pay card in full as i want them to make a little bit interest from me (hoping for a increase)

so anyone know why this month and last i got charged PPI and not interest?
i was expecting both to be took?

lisyloo

i dont pay card in full as i want them to make a little bit interest from me (hoping for a increase)

You don't need to do this.
They will make money from retailers even if you pay no interest.

so anyone know why this month and last i got charged PPI and not interest?

How many statement have you had?
Did you pay it in full the first month or not?

hayton2k3

nope didnt pay it off in full and been with them 2 months.

and thanks for the tip i didnt know they made anything from retailer :O

lisyloo

nope didnt pay it off in full and been with them 2 months.

So it that one statement or two?

I think that any interest accrued from your first statement should have been on the second.

hayton2k3

two statements i have had

both had PPI debited but no interes on.

maybe it was because when i applied it said 90days interest free on purchases until 1st november,

if thats the case do i get charged interest from first purchase until when ever or if i pay in full by 1st november i wont incur any interest under the promotion?
im new to cards btw

lisyloo

maybe it was because when i applied it said 90days interest free on purchases until 1st november,

Ah ok.
I did check the website but I think that offer isn't available now.

So as long as you pay your purchases off by 1st November (allow for payment clearance) then you will pay not interest but it's important you still pay the minimum on time.
After 1st November you will need to pay your statement off in full to pay no interest.

Allow for clearance of your payment.
So if you are paying by internet banking you might have to allow up to 4 working days.
If you are putting a cheque in the the post then you need to allow for the letter to arrive plus the cheque to clear.

If you're trying to build a credit rating then I'd err on the side of caution with the timescales i.e. pay it a bit early.
If anything goes wrong with your payment then you still have time to make another one.

hayton2k3

ok thanks for that.
promotion was posted about 2-3 months ago it was from martin lewis's email that i read and applied

will pay it all off in time thanks,
i will give it a week before i pay but normally i pay on saturday as my payday is saturday due to the bank im with (instead of monday)
and capital one credits my account monday morning