Credit card interest charge, have they made an error or is it my misunderstanding?

grumbler

The only theoretical way to avoid interest this month is to make payments every day you make a purchase, that for ordinary purchases makes using a debit card instead much simpler.

joeyboy

zagfles wrote: »

It can be cheaper to get a cash advance on the credit card if you can't afford to pay the full amount, but check the charges carefully!

Nah I won't leave any in future. I never buy things I can't afford on the credit card, I usually just buy things and pay them off right away for the added protection and to boost credit rating. I had just been told that paying your balance in full every month can be a negative thing as it shows those lending you credit they are less likely to make money from you. So if I am to do that in the future I must ensure my total purchases for the month are low in value.

joeyboy

grumbler wrote: »

The only theoretical way to avoid interest this month is to make payments every day you make a purchase, that for ordinary purchases makes using a debit card instead much simpler.

Yes I'll do that. I only use the credit card for things I feel I may need the protection they can provide. Though I have been told for my debit card Visa and some others offer chargeback protection now anyhow, though I assume that protection may not be as strong as section 75?

grumbler

True. That's why I said 'ordinary purchases'.

zagfles

joeyboy wrote: »

Nah I won't leave any in future. I never buy things I can't afford on the credit card, I usually just buy things and pay them off right away for the added protection and to boost credit rating. I had just been told that paying your balance in full every month can be a negative thing as it shows those lending you credit they are less likely to make money from you. So if I am to do that in the future I must ensure my total purchases for the month are low in value.

I doubt that's true - certainly not my experience. 60% of people pay their cards off in full every month, and the credit cards companies encourage it by offering the specific exemption of interest if you pay in full every month. They still makes lots of money from you through retailer fees (retailers pay a % of your spending for their card payment services).