Interest on late fee

joshken

Hello members,

I was charged a late payment fee of £12 on 01/03/11 on my credit card since my min. payment was due on 28/02/11. However, on seeing the late payment charge, I immediately called up my CC bank and explained them the issue. After not so much of fuss they happily said they would refund me the late payment which they did on the 07/03/11.
I am currently within the 0% interest free period.
My query is, will I be charged interest on £12 for the period from 01/03/11 to 07/03/11. I've gone through the TnC's of the contract and a bit confused as there is no clear mention of interest on charges its just purchases, balance transfers and cash transactions.
Any help is appreciated.

[Deleted User]

Depends on the lender. Traditionally they would charge interest on fees, but at least a few I can think of don't charge interest on fees until 29 days after notifying you of it.

I would think you'd be ok, especially if the fee has been reversed on the same day as it applied (obviously not possible in reality, but can be done on the system in most cases).

the_insider

Firstly, have you checked that you are still eligble for the 0% as you've missed a payment. If they've refunded it you shouldn't get any interest on it, if you do just call them and ask them to refund that as well.

joshken

the_insider wrote: »

Firstly, have you checked that you are still eligble for the 0% as you've missed a payment. If they've refunded it you shouldn't get any interest on it, if you do just call them and ask them to refund that as well.

Yes I've checked for 0%, and as of 07/03/11, I was told I'm still under 0% deal. When I asked to the customer service representative, would there be any effect on the 0% interest free period, she told as of 07/03/11 she couldn't see anything on the system in my account to be cut off from the deal. However, I would be notified in writing if there is any change in the free period.
My concern is I still have about 5 months on the free period, I wouldn't want any surprises later with regard to any interest and more concerned of the interest on interest spiralling. As they have said they calculate interest on a daily bases on an account.

Degenerate

Try working out the interest on £12 for 7 days then decide if you're even bothered.