Paid off card - they're charging me interest!

onthecase

I got my RBS credit card statement dated 3rd February and it gave my balance as £3607, minimum payment to be made by 28 Feb. It said that if I made the minimum payment of £79 and it reached them by 28 Feb the interest would be £42.48.

I balance transferred on 10 Feb the full amount, but my statement today says I'm being charged interest of £15.22, even though it was paid off on 14 Feb.

I've rung the RBS card services and she says that because the interest free period ended on 3rd Feb that's why I've been charged interest. She also said that I'd have additional residue interest to pay even when I pay off the £15.22!!!!!

She says there is nothing I can do, I should have paid it off by 3rd February. When I paid off my HSBC card they informed me of the date I should pay my card off in a letter, but I did not get a letter from RBS.

I'm fuming - is this right does anyone know please?

Thanks.

abitrubbish

Actually that sounds right to me. Sorry.

If the interest over a whole month would have been £42.48, and the balance was outstanding for 11 days, then £15.22 would be about right. I don't think it's their responsibility to tell you when the interest free period is going to end, you were told quite clearly when you took out the card/offer and it is after all their business to make money...

And yes, if the £15.22 is now outstanding on the card, then this will be accruing interest too. You could probably work out how much it will be and overpay to clear the balance completely, or just let them take it the next month as it will be under £5.

Sorry it wasn't the answer you were looking for...

LewisC_2

Yeah, sorry. Interest is added daily, and £15.22 would be about 11 days worth of interest, so that's all by the book I'm afraid

exel1966

You've made a common mistake many people make. (There are loads and loads of threads on here about this). They assume the interest free period ends on the payment due date when it very rarely does. Some interest free periods will commence at the BT date, some at the account opening date. The onus is on the cardholder to then verify exactly when this period ends and to ensure all monies are repaid by that time to avoid any charges.