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How does this explain anything to the OP who complained that the payments were applied against 0% balance instead of purchases at higher interest?
I am not sure about statemented items though. Possibly the OP paid far too fast.
http://www.natwest.com/downloads/personal/nw_sample_tscs.pdf
All I see in the T&C is:
Well, this is what MSE say abut this:
Thank-you Grumbler. Your reply reminds me of why I joined this forum years back. Some people take the trouble to read the OP properly and tailor a reply with help and insight into the matter.
You are quite correct; it seems I paid too fast and the traditional way of raising statements monthly on their system assuming only 1 payment each month has, with the advent of online banking and almost instantaneous credits, created an anomaly. As another person mentioned, this doesn't apply to MBNA cards but does to Natwest. I don't think it's bad intent on the part of Natwest, just their system of accounting. There is no mention of this circumstance (multiple payments) in their T&C's.
I have raised a complaint officially and got a text from them outlining schedules for the matter a few hours ago.
For the information of another post which mentioned 'statemented/non-statemented' transactions, the transactions were on my online statement before I paid them each time. This obviously differs from them being on my monthly statement.
I must add I've had this card 10 years, it's not a new card for the purpose of transfers.
As for the facile and unimaginative remark re. 'why pay it off each transaction, just use a debit card':
One reason already stated, to free up credit limit (although not in my case.)
2. To make transactions for amounts/items whereby a CREDIT card gives easier and better protection than a debit card (d'oh!)
3. In my case, the card is attached to my Paypal account, and is better than attaching my debit card as it will always cover my spend whereas my bank account may not.
Anyway, thanks for the constructive replies. My argument to Natwest will be firstly the circumstance is anomalous as it seems the credit card terms have not been updated to take into account the recent faster/multiple payments via the online banking system, and certainly not mentioned in the balance transfer terms. My second argument is that this anomaly is certainly not in the spirit of FSA rules concerning expensive debt first, as there is no stipulation of WHEN the payment should be made to cover that expensive debt. Surely any fair minded adjudication would endorse that it's ludicrous to say to a customer 'hold back all payments until x date and avoid paying interest' and 'pay early and we won't apply the FSA rule and charge you more'.
That, after all, is effectively what has happened to me.UK Consumers: The Gift That Keeps On Giving......0 -
shaftingham wrote: »For the information of another post which mentioned 'non-statemented' transactions, the transactions were on my online statement before I paid them each time.
I think you're referring to a list of recent transactions, rather than an online "statement". Well, I don't think, I know...since if it was a "statement" we wouldn't be having this discussion.
In the true sense, an "online statement" is an EXACT copy of the statement they've posted to you.0 -
YorkshireBoy wrote: »That may have been me.
I think you're referring to a list of recent transactions, rather than an online "statement". Well, I don't think, I know...since if it was a "statement" we wouldn't be having this discussion.
In the true sense, an "online statement" is an EXACT copy of the statement they've posted to you.
Yes, you're correct.
The crux of the matter is thus how the accounting differs between Natwest cards and the example above of how other cards like MBNA work; no distinction between statemented and unstatemented transactions.
At no stage was this made clear to me nor does it appear in the terms. For this reason I am appealing the matter via the complaints system. I will request the proportion of my balance interest-free is restored to 4k due to this, and the 18.54 waived and removed. In future I will remember how they work it.:)UK Consumers: The Gift That Keeps On Giving......0 -
Well, I have received the result of my complaint, and needless to say their T&C's cover their actions. They have as goodwill refunded the interest charged last month and have 'given me an extra month interest-free period for the last 30 days' but I'm not actually sure of the effect of that. If, as I suspect, this means the £1900-odd of payments I made which came off of the interest-free transfer balance on the last statement are thus effectively debited from the actual statement 30 days later then my interest-free balance will return to approximately the original 4300.
This means henceforth I will not be paying this 20 pounds a month on a 1900 interest-bearing balance. I am happy with that if the case.
They do actually say 'we do not intend to change our processes' in the letter too. In other words they have no intention of billing like the MBNA do as described in this thread.
IMO this way of billing is a throwback to the old days when we received one statement per month and made only 1 payment per month by cheque or DD; it takes no account of recent changes in banking including online banking, instant bank payments etc.
As it's advantageous to the NW and others, then why would they do it like the MBNA cards.....:)UK Consumers: The Gift That Keeps On Giving......0 -
It's always simpler to keep balance transfer cards separate from purchase.
Don't often hear mbna praised as a comparison, I've had problems with them over the years.
Simple answer is if you don't like nat wests rules and processes then take your business elsewhere.0
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