Interest Free Promotional Rates

malkibiggs

Hi All - I hope this question is not one that has been asked before - if so, then I apologise.

As an Everton Credit Card holder ( issued thru' Creation ) I was offered a Promotional 0% rate to purchase my Season Ticket for the 2013/14 season. As I had already used the card during the month for other purchases - I only paid off that part of the balance by the due date, leaving the Seaon Ticket value outstanding. My next statement arrived showing a £ 20 approx interest charge!!!!

My Terms & Conditions state that payments received by the Card Company are allocated in order, the items attracting the highest rate of interest first. As I have paid all items on my statement attracting interest on time, leaving only one item on a 0% rate - how can I be charged interest??

Am I being silly here - or can I take this further with Creation? Your valued opinions would be gratefully received.

COYB - malki

brendon

Did you take any cash advances?

scottishblondie

The interest on purchases is only waived when you pay the full balance, which includes the season ticket. As a result, you are being charged interest from the day of purchase for everything on the statement. On the season ticket this is at 0%, but on your other purchases this is your normal interest rate, which is where the £20 has come from.

malkibiggs

Brendon - no, just normal purchases
scottishblondie - right, so I would only avoid interest if the only item on the card was the promotional rate purchase. They don't tell you that when offering it. I always pay off my card each month - they have never before got a penny interest from me. This way I have been suckered into a charge on the pretext of an interest free purchase!!!! Perfect Sale - what?
Thank you both for your interest - malki

chattychappy

malkibiggs wrote: »

They don't tell you that when offering it. I always pay off my card each month - they have never before got a penny interest from me. This way I have been suckered into a charge on the pretext of an interest free purchase!!!! Perfect Sale - what?i

Well, they did tell you that. They told you the standard rate for purchases and that you must clear your balance in full not to be charged interest. You just assumed the "balance in full" bit only applied to the non promotional balance.

Understandable mistake, though, and you are not the first. Look on the bright side - in the past, they might have applied your payment to the 0% balance first! Those were the real bad ole days...

malkibiggs

Thanks chattychappy - the English language is a wonderful thing; you think you understand what you read until you don't!!!