Morgan stanley credit card interest charge

carlw

Hi

I have recently got a morgan stanley platinum credit card for the cash back they offer. I had a monthly bill of 944.80 which i had used for work expences and private use etc. I added up what i had left to pay (after the work expenses cheque had been sent off) and sent a cheque off to clear the difference. Unfortunately the mathematics genius i am i miscalculated and left £70 off. Therefore not clearing my balance in full. I have just recieved this months statement which has an interest charge of £10.82 on it. I thought this seemed very high considering i had only not paid £70 so i called morgan stanley who informed me that if the full balance isnt cleared i am charged interest on the full amount.

Is this correct and do i just have to swallow this or is there something i can do. An expensive calculating error as i have only just managed to make £15 on my cash back so this wipes this out.

Thanks

Carl

Angeldelight_4

Hi Carl,

I think most banks operate on the basis that if you only make a part-payment, you forfeit the interest free period on the full balance.

So, you are charged on every transaction from the day it's applied to the account to the day the payment is received, and then the balance thereafter.

I don't know of any loopholes but someone else here might