Full interest for missed payment

peawack · 5 February 2007 at 9:32AM

BBC mentioned briefly today that credit card companies may start to charge the full interest charge if any one payment is late on 0% BT deals.
Anyone know which cards are involved ?

CTT_2 · 5 February 2007 at 9:38AM

One I know is MBNA.

forcedv · 5 February 2007 at 9:57AM

AMEX is another.

peawack · 5 February 2007 at 10:00AM

It was only a brief mention but I thought they were talking about a retrospective penalty payment, ie, you pay them what you would have saved at 0%. I hope I got that wrong ! It was early in the morning !!

oldfella · 5 February 2007 at 10:36AM

usually if you dont meet the T&Cs - ie fail to make a minimum payment, the 0% offer terminates immediately. I doubt they could make it retrospective, possibly back to the last statement date you failed to pay.

Mike

peawack · 5 February 2007 at 11:14AM

Yes, I did get it wrong ! Just read the ceefax page, but I am surprised to read that only two thirds of companies revert automatically to the hig rate.

Phoenix79_2 · 5 February 2007 at 7:42PM

I made a late payment on my capital one card (yes i know i should have a DD set up!) and they never cancelled the 0% deal. I've transferred it all to MBNA now anyway as the 0% was nearly up.

Full interest for missed payment

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