HELP!! What does this charge mean?

sashamac

So I did a balance transfer last month of the entire balance I owe to my new card, but I've had a charge on my last statement of around £12 that's down as 'interest'? Does that sound right considering I'd paid the full amount off? New to credit cards so don't really understand and I haven't phoned yet as my phone can't call 08 numbers

Any answers would be appreciated!

Thanks

Dimey

If you paid the full amount off by the due date then you shouldn't have been charged interest. But maybe you withdrew cash and if so, interest is charged from the date you withdrew and not from the repayment due date.

Check the T&C's re interest. Ring the company and ask them to explain.

dzug1

If you were paying interest on your old card it could make sense.

You transfer the full amount on your card on a given date. A bit later your statement comes along and charges interest - you still owe that interest.

sashamac

shall I just pay it then? It's due to be paid today. Says my next estimated interest is 14p. I just want rid of it now.

[Deleted User]

Yes, you need to pay it. It's trailing interest and perfectly valid.

Gromitt

If you want to just get rid of it I'd ring them up and act for a final figure for account closure. Chances are it'll already be higher than the figure on your statement, as interest may still be being charged (if only a few pence).

dzug1

sashamac wrote: »

shall I just pay it then? It's due to be paid today. Says my next estimated interest is 14p. I just want rid of it now.

If you don't pay it today you will get a late payment charge

Dimey

Pay it and query it after so you get to the bottom of it. Find out what its for and if its an error then resolve it so it doesn't happen again.

shiny76

sashamac wrote: »

haven't phoned yet as my phone can't call 08 numbers

Any answers would be appreciated!

Thanks

Credit/Debit cards often have a telephone number to call if calling from 'outside the UK' printed on the back. Try ringing that, you'll often get through to customer service team.

If you get an automated answering service saying it's just for people outside the UK then try adding 141 to the start of the number!

chattychappy

shiny76 wrote: »

If you get an automated answering service saying it's just for people outside the UK then try adding 141 to the start of the number!

Dunno how they know, but I've found that using 141 doesn't always get around the problem.

david39

The statement from which you read the balance you paid off showed the balance on the day it was issued. That balance was still attracting interest between the date of issue and the date you paid it.

The £12 interest is what was accrued during that period. If you have paid that within the due date then there will be no further interest charged. If you missed the date, you will attract further interest on the £12 plus a late payment charge.