Minimum Interest Charge on Credit Card Balance

the_main_man

As a newcomer I am not sure if this has been covered before, so apologies if this goes over old ground.

My wife has a Monument card, and we recently cleared it by taking out a Bank loan to reduce the interest rate. Having cleared the balance we then asked for the account to be closed. However, because in the past she took out some cash, the interest on this appears to continue to accumulate. Because they always charge a minimum of £1, no matter what the actual interest is, we leep getting a monthly statement showing a balance of £1.

We have written to Monument hoping to get this sorted out, but if they don't/can't help in theory it means we will always get a statement showing a £1 balance for the rest of her life...

Comments?

YorkshireBoy

the_main_man wrote:

Comments?

Pay £2, close the account, and ask them to send you a cheque for the 'in credit' amount.