Santander Zero Credit Card Interest Charges!!

murdocampbell

Hi has anyone had experiences with the charges Santander apply to the zero card.
Last month I had a balance of £3000 with an estimated interest payment of £87. Despite paying back £2000 on time I was still charged £75 interest. I called them and was told this was standard procedure.
Just leaving a message to make sure no one else gets caught out with this.

[Deleted User]

All card providers do this. You don't pay in full, you get charged interest on what you borrowed.

brendon

The best way to think about it is you are charged interest on all purchases from day 1 until you pay. The interest being waived for full payment is essentially a bonus from the bank, to encourage people to pay of their debt.

bigadaj

Yup standard clause, credit cards aren't interest free, it's just waived if you pay in full by the due date. You'll also be currently be charged interest on the remaining balance, so even if you pay off in full the. You'll still have interest for one month, clear that and pay in full te following month and you'll be onto interest free.

bengal-stripe

murdocampbell wrote: »

Last month I had a balance of £3000 with an estimated interest payment of £87. Despite paying back £2000 on time I was still charged £75 interest.

Interest is calculated daily and compiled monthly.

Let's say your payment arrived 18 days after the statement date. Your interest would have been 18 days on the previous balance of £3000 and only 12 days on the new balance of £1000. This is without taking into account any new purchases which might have been charged to the card.

jonesMUFCforever

If Santander had/was doing anything wrong I'm sure that Martin would have latched onto it by now and done something about it.

Hominu

Whats the betting that the same person will be back next month complaining that he's paid his bill in full and on time and yet still been charged interest?