Credit Card Interest

Radderz88

Hi,

Just got a bit of confusion about how credit card companies charge interest.

I had a Lloyds TSB Student Mastercard, and as long as I paid off the balance on it before the payment due date, I didn't get charged interest.

I know have an AA VISA Credit Card where the interest free period came to an end a couple of days after my statement. (I think only purchases from the month before were on the statement so nothing more than 30days old on there). I paid it all off before the payment due date on the statement, however I got charged interest daily from the end of the interest free period.

Is this how interest normally gets charged, or do different companies do it different ways?

Thanks in Advance for any help

Ben8282

I am wondering if this may be due to the fact that the previous statement was not paid in full. In order to qualify for interest free purchases many companies require both the current and previous statemet to be paid in full.

Radderz88

Not sure that's the problem. The interest free period was due to expire then (13months). I called them up asking why they charged me interest and they just charge it daily from the end of the statement...no grace period to pay off the statement in full before interest is incurred

tomsco

https://www.euapplyonlinenow.com/UKNeoCCapp/entry?wicket:interface=:0:components/linkToTermsPdf::IResourceListener::&null

Up to 50 days interest free. So that means you should have 19 days after the statment to pay the balance before interest is charged. Maybe try calling them to explain.