When should interest appear?

crayola

Consumerist wrote: »

Simply stated. if you do not pay off your full balance by the due date then interest will be charged on the next statement.

Sure, thanks. Is there a usual timescale for this, e.g. will it be a month from the 'due date' or less than that?

crayola

Consumerist wrote: »

The statement tells you what you owe and the date by which your minimum payment should be made (the due date)

*nod* sure.

I think perhaps why it's more confusing for some of us nowadays has to do with internet banking - when you're not seeing a physical 'statement' but a running total, this isn't quite so clear.

Consumerist

As mentioned earlier, the payment date is usually around 20 days after the statement date. After you have made your payment it will appear on the next statement, a month after the previous statement.

CLAPTON

crayola wrote: »

Glad it's not just me who's confused!

OK so I've run up a bill of, let's say for sake of argument, £100.

I pay off 50, leaving a balance of £50 before the due date.

due date passes.

When should I expect to see the interest appear on the account, assuming in this instance that I don't simply pay the remaining £50 now?

if you don't pay in FULL before the due date
then you will see interest on the next statement

Consumerist

On the web site you should have two options to view - (a) statements for previous months by date and (b) transacrions since the last statement i.e. the running total for the current month.

You'll soon get the hang of it once you've had a couple of statements.

Fruit_and_Nut_Case

CLAPTON wrote: »

it works this way

because if you pay in full there is no interest, they don't show the interest on your balance as they don't know whether or not your will pay in full.

if you pay in full then there is no interest

however if you don't pay in full you pay interest from the day you borrow to the day you pay in full
which can be a little confusing

so pay IN FULL each and every month

Just to emphasise what CLAPTON said, in case it got lost in the confusion.

If the balance is £100.00 and you pay only £99.99 (or less) before the due date you will be charged interest on the full £100.00

dzug1

I suspect that what you are looking at (online presumably) is NOT a statement, but a list of transactions since the last statement. Interest, if due, will be added when the monthly statement is issued.