Asda Money Credit Card - BEWARE!!!

BugsyBrowne

electrobix99 wrote: »

I asked the people I work with and they thought it would only be on the part you did not pay off.

Did you forget what username to use.

scottishblondie

Given that this is not the first time that this has been asked/complained/ranted about on this board, I think we can assume that there are plenty of people who don't know that this is how CCs work. A lot of my friends (mid 20s) didn't know. As the wee sign says - be nice to newbies!

Gromitt

I know someone who thinks credit cards are evil for a totally different reason. They wondered why anyone would use a credit card and pay interest when you can use a debit card and not have to. They didn't realise the "Pay off in full by due date and we will not charge you interest" condition.

Wheres_My_Cashback

There's absolutely nothing to be BEWARE of.

If you're daft enough to get a card without even checking out the most simplistic and basic of facts and then come here crying wolf, SHOCK,HORROR,BEWARE,HELP,SCAM,RIP OFF blah blah then god help you.

ALL made up anyway !

Blue_Max

I don't use credit cards for borrowing but thanks for the warning; something I did not know before. It is unfair that they charge interest on the money already paid back.

I can't see anything special with the Asda credit card.
So with your level of spending and the fact that you try to pay off balances why not get a cashback credit card or one with freebies, perks and rewards such as free air miles?
Lots to choose from at
http://www.moneysavingexpert.com/cards/

dresdendave

Blue_Max wrote: »

It is unfair that they charge interest on the money already paid back.

They do not charge interest on money once it is paid back. The interest is charged from the purchase date until the date you pay it back. However if you pay the entire bill in full they waive the interest.

RobTang

Blue_Max wrote: »

I don't use credit cards for borrowing but thanks for the warning; something I did not know before. It is unfair that they charge interest on the money already paid back.

Its pretty standard that all interest based calculations are based per day, its just never reported that way because 0.01 % dpr is less meaningful.

Every T&Cs have had stated its calculated this way.

eschaton

SimonStevo wrote: »

WARNING!!! If you don't pay the balance off in full each month, they charge you interest on the full balance, not just what you didn't pay off.

My balance last month was £1,864.60 and for some reason I paid off slightly less, I sent them £1,836.10.

Instead of paying interest on the bit I still owe (£28.50) they've charged me £26.30 interest, which is based on the total balance of £1,864.60.

Although this is stated in the Ts and Cs (lesson learnt here, I must read Ts and Cs, even for companies I 'trust') this feels totally underhand to me. How can they charge me interest on money I don't owe them?

I've never experienced this way of calculating interest before, is it common?

Anyway, card is now in pieces in the bin.

And in other news today.... the little dog down the road had a dump this morning.

Gromitt

eschaton wrote: »

And in other news today.... the little dog down the road had a dump this morning.

The important thing is, did the little dog go and fetch his owner to clean it up and put it into a doggy bin?

eschaton

Gromitt wrote: »

The important thing is, did the little dog go and fetch his owner to clean it up and put it into a doggy bin?

Of course it did, dogs are clever, you wouldn't get a cat doing that