Mis-information on paying off credit card balance

Priscilla52

I phoned my Credit Card company to pay the balance outstanding on 21st April. Asked to operator what was the final figure to clear the amount outstanding - was given a figure which I offer to pay off on the phone but was told I had to pay it at a bank. I paid via internet banking on the same day.

On 30th April I received my statement which still showed the balance outstanding - not taking off the final balance I had paid on 21/4. The statement was dated 24th April. I called them to find out why this was showing the balance. I was told payment came in 25th even though I paid it on 21st - as show on my bank statement and also informed me I still had interest balance of £96.00. The operator I spoke to today apologised for this not made clear to me when I phone to clear the balance but insisted that I still need to pay £96.00. Is there anything I can do? I feel I was mis-informed and paying for a mistake.

Reaper

I think you are being unrealistic to phone up so late in the month to pay your credit card bill. It takes up to 4 working days for money to arrive through BACS.

You phoned on 21st April which is a Saturday. No money moves at the weekend, so your 4 days started on Monday. As it was it arrived on the 25th which is just 3 working days. However by then you had missed your statement date.

You don't say where the £96 came from but if it was interest because you failed to pay off the balance in time then you can hardly blame the credit card company.

Sometimes if you have been a good customer, explain you thought you had paid in time, and this is the first time they may let you off the charges in the interests of good customer relations. Ask nicely and see where you get. But if they say no I don't think you have a leg to stand on.

Angeldelight_4

Many banks also charge interest 1 month in arrears. Therefore if you paid a part-payment the month previous, i.e March, the interest you see on your April statement would reflect that. It's called residual interest and is basically the interest accrued on the full balance on a daily basis until the day the payment was received in full, so from when your statement was produced in March until the 25th April.

The balance you were given during the phone call would probably have been the true figure at the time of the call as interest can not be calculated fully until the payment is received so although they should have made you aware of the further charge to come, it wouldn't usually invalidate the charge unless the bank in question was at fault which actually resulted in the late payment.

Paying a bill in a bank on the 21st would definitely not have enough time to credit a card in time for the statement to be produced on the 24th and I presume they list their payment timescales on the back of their statements so would be covered from all angles!!

Hope this helps