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Barclaycard interest on low balance is massively overcharged!

2»

Comments

  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Paul_Herring wrote: »
    As a point of historical interest, when it was Egg, the minimum was 50p - there are threads on here of people complaining when it was initially introduced. (2? 3? 4? years ago...)

    Can't do much seaching on the PC I'm currently using (public PC) but I'm sure one of the other regulars could dredge up at least one such instance.....
    It was introduced on 14th November 2006...

    https://forums.moneysavingexpert.com/discussion/319441
  • JimmyTheWig
    JimmyTheWig Posts: 12,199 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    thenudeone wrote: »
    5 months x £1 a month interest = £5; not £30
    I believe that opinions4u said that the balance was piddling so the OP should pay it off in full to avoid these charges.
  • fozmcfc
    fozmcfc Posts: 3,098 Forumite
    Part of the Furniture Combo Breaker PPI Party Pooper Debt-free and Proud!
    Just out of interest roughly how much would the interest be, if there wasn't a £1 minimum.
  • Paul_Herring
    Paul_Herring Posts: 7,484 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    fozmcfc wrote: »
    Just out of interest roughly how much would the interest be, if there wasn't a £1 minimum.

    £30*17%/12 ~= 40-odd pence per month.
    Conjugating the verb 'to be":
    -o I am humble -o You are attention seeking -o She is Nadine Dorries
  • JimmyTheWig
    JimmyTheWig Posts: 12,199 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    fozmcfc wrote: »
    Just out of interest roughly how much would the interest be, if there wasn't a £1 minimum.
    madmum33 wrote: »
    my balance being a maximum of £59 in February and down to a minimum of £32 in July
    ...
    My APR is 16.9%
    Average balance there of around £45.
    Ignoring any effects of cumulative interest, interest per month on this would be around 63p.
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