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Credit Card Interest Alert!

13

Comments

  • chattychappy
    chattychappy Posts: 7,302 Forumite
    redparaman wrote: »
    That wont apply as there is a 0 balance outstanding as its been paid off before the payment date due!

    Not sure why this thread is still running.. You only want to see it your way.
  • redpete
    redpete Posts: 4,763 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    redparaman wrote: »
    That wont apply as there is a 0 balance outstanding as its been paid off before the payment date due!

    Let us know what it says on your next statement. I reckon you'll have some interest to pay on the balance between your last statement date and when you paid off the full amount.
    loose does not rhyme with choose but lose does and is the word you meant to write.
  • redparaman
    redparaman Posts: 31 Forumite
    chattychappy wrote: »
    Not sure why this thread is still running.. You only want to see it your way.

    Simple answer chattychappy....cut the chat and switch off!
  • redparaman
    redparaman Posts: 31 Forumite
    Malky wrote: »
    What other posters have said alright is correct. Perhaps you should have paid the whole £2081 rather than part of.

    Poor grammar, these sentences do not make sense.
  • bengal-stripe
    bengal-stripe Posts: 3,358 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    redparaman wrote: »
    That wont apply as there is a 0 balance outstanding as its been paid off before the payment date due!

    But it does apply!!!

    You buy something costing £ 2,081.00 on the 5th of October. On the 18th your statement gets compiled, giving you the payment date to the 10th of November. You pay in early November, your payment of £ 2,000 is received on November the 8th.

    As you did not pay in full, interest becomes due: on £ 2081 from October 5th to November 8th = 34 days. The interest for the remaining £ 81 gets applied from November 6th to November 18th (12 days) when all the interest due gets added up and appears on the new statement. Only when you pay the whole balance, the interest gets waved, otherwise you pay interest for every day you use the bank’s money.

    Quite a few people in this thread have tried to explain you that, I’m sure my efforts will be equally wasted
    .
    redparaman wrote: »
    I am pretty good with finances these days.

    You might say that, I couldn’t possibly comment! ;)
  • MacsReturns
    MacsReturns Posts: 335 Forumite
    bengal-stripe wrote: »
    You might say that, I couldn’t possibly comment! ;)

    That's from 'House of Cards', if I'm not mistaken... how apposite! (Oh, I loved that series, and that's still a favourite quote of mine...:beer: )

    But everyone has been correct - you only get 'interest free' periods when you pay the FULL amount, otherwise it's calculated on the full daily balance outstanding. That's normal, that's what's in the T&Cs, that's what you signed on the dotted line for. Good for you they waived it, but I'd expect any other customers to complain about subsidising your interest charges.
    A man is rich in proportion to the number of things he can afford to let alone - Thoreau
  • sammyjammy
    sammyjammy Posts: 8,139 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    redparaman wrote: »
    I am pretty good with finances these days.

    Clearly you still have a lot to learn :cool: as others have said its common practice and has been since I started using Credit Cards 20 years ago.
    "You've been reading SOS when it's just your clock reading 5:05 "
  • redparaman
    redparaman Posts: 31 Forumite
    sammyjammy wrote: »
    Clearly you still have a lot to learn :cool: as others have said its common practice and has been since I started using Credit Cards 20 years ago.

    Arrogance in a nutshell!
  • chattychappy
    chattychappy Posts: 7,302 Forumite
    redparaman wrote: »
    I am pretty good with finances these days.
    redparaman wrote: »
    Arrogance in a nutshell!

    Says it all...

    :rotfl:
  • redparaman
    redparaman Posts: 31 Forumite
    chattychappy wrote: »
    Not sure why this thread is still running..
    Its because you keep continuing to put pointless remarks and smilies on!
This discussion has been closed.
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