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Accucard - how interest/ DDs work?

circuit
Posts: 508 Forumite
in Credit cards
My Accucard had a £10 balance which I cleared on the 'payment due' date (16th Feb).
I then spent £2598 on Friday 18th. Paid the whole lot off on Tuesday 22nd via direct bank transfer, but the payment hasn't reached Accucard before my statement date.
My statement says I am due to pay £43 interest and £51 will be taken via DD.
I was just wondering if anyone knows whether I really will be charged interest? I used the card after the payment due date, but before the statement date. I don't really understand how Accucard calculate interest or whether they have an interest free period.
Also, do Accucard take the DD regardless of whether you've made a full/part payment already?
I then spent £2598 on Friday 18th. Paid the whole lot off on Tuesday 22nd via direct bank transfer, but the payment hasn't reached Accucard before my statement date.
My statement says I am due to pay £43 interest and £51 will be taken via DD.
I was just wondering if anyone knows whether I really will be charged interest? I used the card after the payment due date, but before the statement date. I don't really understand how Accucard calculate interest or whether they have an interest free period.
Also, do Accucard take the DD regardless of whether you've made a full/part payment already?
0
Comments
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IF I am reading this right-
so long as it was a purchase ( rather than item classed as cash)
(and previous month was cleared in time)
you should be fine-
they have to estimate interest due if only min payment made, and of course at time of production they were not aware of the lastest payment
--
Worth checking they have now rec'd your payment
--For purchases made with your card, no interest is charged as long as you pay the full balance by the due date on the statement, each month.
Interest, when it is charged, is calculated using the 'Average Daily Balance' method. This uses a monthly Interest Rate derived from the Annual Interest Rate you selected during application (or which has subsequently applied to your account), and charges this rate of interest on the average daily balance for the statement period.
whether they will collect the £51 and put you in credit ( if no other spending) is another issueAny posts on here are for information and discussion purposes only and shouldn't be seen as (financial) advice.0
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