Barclaycard Interest Charges

DebsDD

Not sure if anyone else has had this issue, bith myself and my partner have Barclaycards (both with quite large balances at 6.9% for the life of the balance.)

This month I paid £2,000 off my Barclaycard (by doing a balance transfer) and yet my interest charge was £10 more than it had been the previous month! If I had not paid the amount off I would have expected the interest charge to be about the same as last month, as it has been for the past few months.

When I called Barclaycard they couldn't explain why this had happened and kept trying to pass me off with details of the interest rates etc. They have agreed to refund the difference but thought I would warn others to check your statements carefully this month!!

Debs

bengal-stripe

What date was the balance reduced and what date was the statement compiled?

If they are rather close together, the new balance (and lesser interest) might have have been only for a few days, before statement date. There might have been 27 days interest for the old balance and only 4 days for the new (lesser) balance.

Last month had 31 days and the statement might have been a day or two later than the previous one, that might well explain why your interest was even slightly more than last month.

tomsco

Yup as Bengal said, it's calculated on the average daily balance throughout the month, not the closing balance.

clarebear

I've just noticed this on mine - the balance was £6k less, yet the interest charge for the month was £30 more...surely that can't be right?