Interest charges

opinions4u

Lolmf wrote: »

I get you should pay interest on what you owe, but I dont owe what I have already paid them !!

You spend money on card. It starts accruing interest at that point. Long before a statement comes along.

It's no more complex than that.

redpete

Lolmf wrote: »

So to summarise, I am being charged £69.74 for a balance of £55.07, yet next month £18 for a balance of £970.

or rather - you are not receiving the waiving of interest on the daily balance that you would have earnt by paying off the full amount each month.

And if this is so, is it legal?

As others have said - yes. But good that the person you talked to used discretion in your difficult circumstances.

pvt

Lolmf wrote: »

Fortunately for me, they have agreed to waive the charge

You're lucky there, well done.

I had a similar situation. Always paid my CC bills in full. One month the bill was for something like £2,435.43, and I accidentally paid £2,435.34. I rang them and politely pointed out this was obviously a minor error on my part, and that I obviously intended to pay the full amount rather then leave 9p outstanding, so would they consider a refund of the interest on this ocassion. They refused. I cut the card up.

I always pay all my CCs by DD now to avoid this ever happening.