Nat West Credit Card

Blue_MoonCity

Hi -Can anyone explain why I have been charged interest on my credit card account when I paid in full the previous months balance? The charge is only small but it's annoying :mad:!! Thanks

Flower08

I think interest is charged daily so depending what day you paid you will have been charged for those days. I think thats right, someone correct me if im wrong!!

Blue_MoonCity

Thanks for your reply Flower08, but the problem is that I have paid the full amount well in advance of the due date AND there has been no spending on the card from then to present day. Seems like a hidden charge or the banks mistake??

TadleyBaggie

It's called "trailing interest" and is quite normal when you pay off a card in full. It's the interest accrued between the date of the previous statement and the date you paid off the balance.

Flower08

TadleyBaggie wrote: »

It's called "trailing interest" and is quite normal when you pay off a card in full. It's the interest accrued between the date of the previous statement and the date you paid off the balance.

Explained so much better than me!

leicsmarkyr

Assumming you have paid in FULL and BEFORE due date every time, then the only suggestion will be that the transaction on your statement is deemed as cash whether this be ATM, Over the counter or Quasi cash (betting, cash advance etc)

paulwellerfan

phone up NATWEST and just ask them.

Blue_MoonCity

Thanks to everyone for your advice on this, the reason I asked the question in the first place was because this is the first time I have incurred charges since I got the card. -Previous calls to the natwest call centre have not been too positive but I will be contacting them tomorrow to cancel the card! :T

dresdendave

Why are you going to cancel the card? If Natwest have charged you by mistake you should get the money refunded. If it was an error on your part, for example, perhaps misunderstanding how the interest is calculated, why would that be a reason to cancel?

p00hsticks

Blue_MoonCity wrote: »

Thanks for your reply Flower08, but the problem is that I have paid the full amount well in advance of the due date AND there has been no spending on the card from then to present day. Seems like a hidden charge or the banks mistake??

Did you pay off the balance in full by the due date the *previous* month too ? If not, then the interest clock will have started and, as other posters have said, it will be trailing interest. Pay in full by the due date this month and it will clear (the common rule is that if you ever leave a balance outstanding on your card, then you need to pay the statement balance in full by the due date for TWO months in a row in order to reduce the balance to zero. )