Interest free period?

kleapatra

Hi

I spent £600 on my Halifax clarity card last month. I paid £500 of this off 3 weeks after I made the transaction leaving £100 to be paid off next month. I got the statement through today and was surprised to see I've been charged interest on the whole £600. I thought you got so many days interest free (56 days?) before you started getting charged interest?? I was just expecting to be charged next month for the interest on the remaining £100.
I looked at the small print and it says unless I pay the balance off in full at the end of the month, interest will be charged from the date of the transaction. Is this a recent change to all cards? I'm sure this didnt used to be the case, did it?

molerat

56 days is the maximum interest free period i.e. a purchase made 1 day after a statement is produced does not have to be paid until the due date for the following statement. If the statement is not paid off in full interest is charged daily from the purchase date on the outstanding balance. This has always been the way cards work (going back to the days of my Access card in the 1970s)

opinions4u

I looked at the small print and it says unless I pay the balance off in full at the end of the month, interest will be charged from the date of the transaction. Is this a recent change to all cards? I'm sure this didnt used to be the case, did it?

It's always been the case.

Interest will be charged unless you clear in full.

kleapatra

Ah well - you live and learn! It only an extra £4 so could have been worse. I've learnt something new today!

Thanks for your help