Strange Interst charge on Barclaycard

Andythescientist

Ok first of i have a standard barclaycard and i always pay off the full balance. So i'm the type of user the banks hate.

This month i booked a holiday on my barclaycard and my balance at my last statement was £2752.00 which was due on the 11th July.

Midway through the month i got the other couples money payed into my bank so i paid £1000 pound off on around the 20th of june.

Then when we got back from our week away i payed off a further £1523.71 off on the 9th of july, the date is confirmed recieved on my accouny. I know i muffed up a bit and left £228 unpaid off the balance, it was late at night and all that.

Now low and behold i have my statement and i've been charged £38.06 interest at a supposed rate of 1.167%.

Now non of this seems to add up, i thought

1) You only pay interest on the money you left on your account on the due date. Which was only £228?

2) They state the rate is 1.167% on the statement yet the charge is £38.06, surely even if they charged me 1.167% on the full balance it should be £32.11 interest, inless my calculator is telling me wrong!

Any ideas? Is this normal practice? I know this is how it works if you take interest deals in the shops then don't pay it back when you should, but since when did credit cards do this?

Bokkens

http://forums.moneysavingexpert.com/showthread.html?t=499469
Have look at this thread from yesterday I think it is Melarky that sums it all up.I suspect the same has happened to you.You will have to check your T&C's to be accurate.

Call_Centre_Monkey

For the vast majority of credit cards, if you don't pay off the balance in full by the due date, you get charged interest on the full balance, not just the bit of it you haven't paid.

exel1966

Andythescientist wrote: »

Any ideas? Is this normal practice? I know this is how it works if you take interest deals in the shops then don't pay it back when you should, but since when did credit cards do this?

It's as the others have suggested I'd say.
Yes, it's normal practice.

Chris2000

Call_Centre_Monkey wrote: »

For the vast majority of credit cards, if you don't pay off the balance in full by the due date, you get charged interest on the full balance, not just the bit of it you haven't paid.

And you normally get charged from the date of the transaction, not the statement date.