lloyds tsb platinum credit card charge

YorkshireBoy

Ben8282 wrote: »

Reading the terms and conditions, I believe that to qualify for 0% on purchases you are required to pay the current statement in full and also to have paid the previuous statement in full.

That's not correct. The T&Cs you mention relate to the "up to 56 days interest free" which comes as standard with most cards.

However, the OP's card has an introductory offer of 0% for 3 months on purchases, so only needed to make the minimum payment anyway...on time...to avoid interest in the early months.

If we're speculating, my first thought was that the OP didn't have the Platinum card but the Advance card instead...which doesn't have an "up to 56 days interest free" period on purchases. However, it doesn't explain why the interest charge appeared before the statement date. Nor does it fit with my thinking because even that card has an introductory 0% on purchases rate for 6 months.

I don't think we'll ever find out now because the OP seems to have accepted the charge, paid it off, and closed the account. Seems strange to start a thread asking for help and then go out and close the account before any help can be given, but there you go!

Ben8282

It would be interesting to know how much interest was actually charged.

mickandy

right here we go:
17 September Emporiki Bank Paxoi 152.83 (170.00 Euros)
17 September cash advance fee 4.45
25 September Interest 0.75
Total :£158.03 Account paid in full on 30 September had to reach my account by October 20th £158.03
Next statement:
30 September payment received 158.03 CR
18 October Garage (not naming it for security reasons) 111.80
23 October interest 0.43
Total £112.23
Paid in full on 02/11/11
Payment due by 17/11/11
Hope this helps !!!!

mickandy

And it is a Lloyds TSB Platinum Master card

YorkshireBoy

Statement produced on 25th September?

75p interest on September's statement from the cash advance (there's no interest free period on cash advances).

43p residual interest on October's statement (because interest continues to be accrued until you pay 2 consecutive statements in full by their due date).

Had you waited until November's statement was produced you'd have seen no further interest added.

So when I asked earlier "have you purchased anything that could be classed as a cash transaction?" (in the very first reply you had!), the correct answer was "yes I have"...not "2 new tyres"!

mickandy

I am sorry but I do not understand why interest is added if the account is paid off in full before the payment due date. Perhaps you can explain this please as on other credit cards we have never paid interest if we pay them off in full. I have never had this happen on purchases or cash advances before. Is it as the card is new?
Thanks

YorkshireBoy

It's not new. From the moment you withdrew the cash you started to accrue interest at 27.9% APR representative.

You can only stop this interest by either paying 2 consecutive statements in full, or by overpaying to create a small positive balance (and possibly not using the card at all for any new purchases until your next statement has been produced showing the positive balance).

There are one or two cards that do not charge interest on cash advances but these are by far in the minority.

See "interest charging information" in your summary box...

http://www.lloydstsb.com/media/lloydstsb2004/pdfs/Platonlsumbox14_0211.pdf

...and conditions 4.3 and 4.4 of your T&Cs...

http://www.lloydstsb.com/media/lloydstsb2004/pdfs/Platinumonlin14TsCs.pdf

Ben8282

Interest is charged on cash advances from the date of the transaction to the date of repayment, irrespective of whether the statement is paid in full or not. Everything in your statement information above is perfectly correct. The other credit cards you have must be pretty exceptional not to charge interest on cash advances; you are very lucky to have them so keep on using them!

Yorkshireboy. I don't think what you have said is quite correct. He has paid 2 statements in full so there should be no purchase interest. The cash advance has been repaid so there will be no more interest from the cash advance either.

But as the account is closed, it doesn't matter anyway .....

HoneyAndLemon

Knew it.

Cash advance, interest starts from the moment you withdraw it, as well as the charge.

Very few credit cards offer interest free on cash.

But you've already had a hissy fit and closed it now anyway.

YorkshireBoy

Ben8282 wrote: »

Yorkshireboy. I don't think what you have said is quite correct. He has paid 2 statements in full so there should be no purchase interest.

I didn't say there would be.

I said he'll pay interest for 2 months (ie until he's paid 2 consectutive statements in full)...September & October...and he did. I then went on to say that no further interest would be payable in November, because he'd paid 2 consecutive statements in full.

I made no mention of whether this was cash interest or purchase interest...merely that it was "interest".