Intrest charge rising dispite lowering balance

pdm66

In January Barclaycard increased by interest rate by 5% (dispite my having the card for years and never missing a payment).

I decieded to close the account and pay it back as quickly as I could.

I am currently paying twice the minimum payment back each month and for the last for months the balance has dropped.

The interest rate being charge has not been changed however the actual amount of interest applied to my account is going up!

I dont have any cash advances and am at a loss to see how the amount can be increasing when the rate is static and balance is falling!

Can anyone help

CLAPTON

some figures would be good

YorkshireBoy

pdm66 wrote: »

In January Barclaycard increased by interest rate by 5%

5% would be a very small increase. I think you mean "by 5 percentage points".

The interest rate being charge has not been changed however the actual amount of interest applied to my account is going up!

I'm wondering if your 'opt out' request hasn't been actioned? Take a look at your statements...is the interest rate quoted still the same over the last 3-4 months?

If so, then a call to Barclaycard will be your best option.

chattychappy

pdm66 wrote: »

(dispite my having the card for years and never missing a payment).

If your record is good and you are not in a position to clear Barclaycard within the next month or so, then consider applying for a 0% BT card. Regardless of the outcome with Barclaycard, you'll likely be better off.

opinions4u

More days in the month?

Without dates and numbers all we can do is guess.

YorkshireBoy

opinions4u wrote: »

More days in the month?

That was my first thought, but OP seems to suggest the interest has been increasing for each of the last 4 months.

opinions4u

YorkshireBoy wrote: »

That was my first thought, but OP seems to suggest the interest has been increasing for each of the last 4 months.

I read it as only two statements being issued since the January rate change. Alas, without Mystic Meg or another post from the op we are struggling to know.