Halifax One credit card

RazorBladeAlley

My wife and I have just checked the last three statements from the above card and curiously as the balance has reduced, so the interests added have increased. How can this be? Here are the figures:

2 Feb 11
Bal. £5,164.45 / Min pay. £87.89 / Paid £105.44 from last statement
Interests £3.25 / £7.47 / £72.17

3 Mar 11
Bal. £5,161.94 / Min pay. £90.38 / Paid £87.89 from last statement
Interests £3.44 / £7.78 / £74.16

8 Apr 11
Bal. £5,167.40 / Min pay. £110.46 / Paid £100 from last statement
Interests £4.36 / £9.71 / £91.39

There have been no other charges nor transactions on these accounts! Why is this happening? Any help gratefully received.

YorkshireBoy

Two possible reasons:

There is an increasing number of days in each statement period.

You are not paying on the same date each month? The longer you delay payment the more interest will be applied the following month.

RazorBladeAlley

All paid on 28th of each month as it's after pay day.

izools

The third statement covers 36 days, so there will be 36 days interest on it.

The second statement, however, covers 29 days, so there will be 29 days interest on it.

From the looks of things the interest charges are correct, because the statement date varies somewhat month on month.

sheslookinhot

Are you paying less than the minimum payment requested by CC ?

YorkshireBoy

sheslookinhot wrote: »

Are you paying less than the minimum payment requested by CC ?

The OP shows what was required and what was paid.

He paid the minimum for February's statement and a tenner more for March's statement.

RazorBladeAlley

Spoke to someone yesterday at customer services who couldn't understand why the balance increased when we paid virtually £10 more than the minimum required!? She said they would look into it and contact us by letter within 7 days. With the £100 payment we are trying to pay 10% over the minimum required. Surely with more than 10% above the minimum the balance shouldn't increase by £5.46!?!? Very bemused! In addition, the girl at Halifax said we should get a loan as 30% APR is very steep (you're telling me!). Will apply for loan but given that we were refused a Sainsburys loan about 3 months ago I don't hold out much hope.