Please help me explain why I've been charged interest this month (Capital One)

weebit

Hello all,

I hope you can help me with this, I can't quite understand what's happened with this.

A bit of background: In my September statement (dated 8th September), I had a balance of apx £950 on my Capital One Cashback credit card. I paid this off in full on 10th September via a balance transfer to a 0% card. After this had cleared on 11th September (faster payments, awesome!), I had a balance transfer on my Capital One to take advantage of a 0% for 6 months deal I was offered (£500+ £15 fee).In the same month, I made several purchases on the card to the total of £94.

So my October statement comes in to a balance of £609. Thinking of way to avoid paying interest, I paid the £109 (purchases + balance transfer fee). A further payment was taken by direct debit of £6.10. I also made several purchases totaling £147.

When my November statement comes in, I noticed I'd been charged interest of £3.94. I am baffled as to why I was charged this interest because I had fully paid off the portion of my balance which was subject to interest in the previous month. So I called Capital One who tried to explain it to me, but the person on the phone didn't really explain it to me in terms I could understand. He just seemed to suggest that I hadn't paid the balance in full so therefore I was charged, but in my opinion I did pay it in full.

I hope the above makes sense and that someone can explain to me in laymen terms why I've been charged interest and how I can avoid the same situation happening next month. I would like to continue to use the card to make purchases because I have a few recurring payments on it, and it's also linked to my iTunes account, but if making purchases on it while I have a 0% balance transfer on it is not a good idea, I guess I should re-think this.

Thanks in advance.

CLAPTON

depends upon the exact T&Cs but usually interest is charged on a daily basis unless the TOTAL balance is paid in full each and every month.

so if you have a 0% balamce and a non 0% balance you will be charged on the non 0% balance from the date of the purchase to the date you pay.


the general advice is do not mix 0% balances and non 0% balances on the same card