Being charged interest even though balance paid?

fgh001

As title, i pay my cc balance of in full every month, however my statement is showing an interest charge on this months statement even though my balance is clear! Has anyone had this problem, i don't understand why i'm being charged.
Thanks.

opinions4u

Did you clear the balance in full the month before?

Any cash advances, gambling transaction, currency purchases, Paypal etc on the statement?

fgh001

I used paypal on my previous statement to purchase something
thanks.

dalesrider

opinions4u wrote: »

Any cash advances, gambling transaction, currency purchases, Paypal etc on the statement?

Paypal ? Is classed as any other purchase.

Cash & gambling yep, get charged interest from date of debit.

opinions4u

fgh001 wrote: »

I used paypal on my previous statement to purchase something
thanks.

Who issues your credit card?

dalesrider wrote: »

Paypal ? Is classed as any other purchase.

That depends on the card issuer's terms and conditions.

fgh001

l

thanks.

fgh001

My last statement i was charged a small amount of interest towards the end of my monthly statement, this month, i have been charged again, i haven't even purchased anything on this months statement and im being charged interest.

opinions4u

fgh001 wrote: »

My last statement i was charged a small amount of interest towards the end of my monthly statement, this month, i have been charged again, i haven't even purchased anything on this months statement and im being charged interest.

Residual interest.

It is effectively interest on interest.

If you clear the balance in full for two consecutive months it will stop.

T&Cs of one of their cards:

We will not charge interest on Purchases shown on your current statement if you pay the full balance shown on that statement by the payment date (provided you have also paid the full balance on the previous statement by the payment date). If you have not previously paid in full, we’ll add interest on those Purchases to your statement and we’ll charge that interest from the date we originally added the Purchases to your account.

fgh001

Ok thanks, so is this because i used paypal to purchase something, is it classed as a balance transfer? I always pay my balance off in full before the due date, the interest only appeared after i had used paypal,and again this month iam being charged a bigger amount of interest than my last statement.
Thanks.

dalesrider

What was the paypal transaction for?
Purchase or cash gift?

Maybe ask Lloyds why the interest. As they would tell you straight away.