Missed clearing Cc in full by 1 day, should I take it out of my ISA?

fun1980

argh, I could just kick myself...


I've got £2000 on Halifax clarity Credit card, apr 12.9% which has been on since 11th Sept, payment due date is today...


I've already done a balance transfer to cover this onto a 0% Barclaycard to pay off the full balance but looks like it's not going to go through till tomorrow now, I've made the minimum payment already so that's covered


So, I'm pretty sure Halifax are going to charge me interest on the full balance now from my original purchase date, think I've worked it out as being about £40, should I just clear the balance using the savings in my ISA? I guess I'm answering my own question as I'm typing this...


The credit card is going to have a £2000 credit on then and my house deposit savings are going to be down by £2000


What would you do?

stator

Was the halifax on a 0% rate?

dj1471

You only pay interest from the end of the interest free period until the balance is paid, not from the original purchase date.

So if it takes an extra day you just pay 1 day's interest (7p by my calculation).

fun1980

Thanks, the £2000 balance was from a purchase so not on a 0%


I was always under the impression interest was calculated back from the purchase date if the balance isn't cleared in full by the payment due date, is that incorrect then? I will ring Halifax and double check

stator

I think it depends on the card, they make the conditions harder to understand every year. Some cards will remove the "interest free period" as it's called if you don't pay in full every month

Penelopa.Pitstop

There should be estimated interest showed on a credit card statement, when you pay only minimum payment.

Fingerbobs

stator wrote: »

I think it depends on the card, they make the conditions harder to understand every year. Some cards will remove the "interest free period" as it's called if you don't pay in full every month

The T&Cs for my Halifax Clarity card, which I opened in 2011, are "normal" - i.e. interest is calculated from the date the purchase appears on your account, but is waived if the statement balance is paid in full by the due date. Clause 3.5 covers it, and is very clear.
To be honest, I've never had any cards that work differently.