Re transferring a balance

Msproule16

I teansferred 2 mbna cards balances to my halifax interest free for 28 months which i thought was a good choice. Today i recieved 2 Letters from mbna asking for £60 for both accounts as they have said i still have interest to pay on both accounts they said that even though i did the balance transfers at the time the monhs interest hadnt been applied and that i needed to pay it now can someone tell me if this is right can they do this ?

molerat

Yes they are correct. Interest is applied at statement date. More interest accrues between statement date and payment. If you had asked for a settlement figure they would have calculated the interest up to date for immediate payment.

Tixy

Yes that is correct. Often termed trailing interest it is the interest charged between the date of the last statement and the date the transfers were credited to the old accounts.

grumbler

Of course they can.
A balance transfer is in fact a payment from Halifax to MBNA. And it was you who said Halifax how much to pay. The interest is debited to the account once a month and it's highly unlikely that it will be the same day when the payment is credited and that you guessed the correct amount needed to zero the balance.