Credit Card Interest

cool-dog

Hi,

I recently came into a bit of money and decided to pay my debt off. :beer:

However, with Credit Cards I assumed that if the balance was paid in full before the due date that was it, no more interest?

My Capital One was paid off and I received the latest statement no more money due, completely paid off.

However my Halifax MasterCard, was paid off and have just received a statement with nearly £40 in interest due. It also states, estimated interest next month £1.

So obviously this is legal, but so annoying I thought I paid it off and got rid of them, only to find I have to pay more interest this month and possibly next as well.

How come one does this but not all?

jonesMUFCforever

It is called trailing interest and perfectly legal.
It is calculated from the date of the last statement until cleared funds hit the account to clear.
This will go for a maximum of 2 months.


Just think though, after this - no more debts!! More money to spend / save on the things you want.

CLAPTON

you don't get charged interest if and only if you pay in full each and every month

so if you have been paying interest then you need to pay in full for two consecutive months before interest stops

[Deleted User]

Interest is charged on a daily basis, so all cards operate the same way, If you are revolving a balance, there is always going to be interest to paid once cleared.

If you clear in full each month, you are not charged interest.