Help with Nationwide charges

ryan92

My statement is produced on the 22nd of every month.
My statement for 22nd October had a balance of £1982.97 which if paid by 16th November would clear the balance.

I cleared this off in full ;

• Incorrectly applied Overlimit Fee Refund ; £12 - 22nd October
• Payment of £62 ; 31st October
• Payment of £1908.97 ; 15th November

These 3 payments make up the £1982.97 which was required the clear off the balance. That was me all paid off.... or so I thought!

My statement for 22nd November was produced and now has a balance of £22.15 which is simply made up of an interest charge.
I have queried this with Nationwide who have stated the following ;

Interest is charged up until the balance is paid off in full. An interest amount of £29.73 was incurred on your previous statement. As the balance was not cleared in full at this point, interest continued to be incurred until the balance was cleared. The interest on your November statement was calculated from the date your previous statement was generated, on 22 October 2014, until the balance was cleared in full on 17 November 2014 and debited on your most recent statement

I honestly do not understand what's happening. They are also stating the balance was cleared on the 17th which would rightly so miss the deadline of the 16th November. The statement also clearly shows the payment was made on the 15th.

Any help will be greatly appreciated

noh

It is as Nationwide state.
Your statement was produced on the 22nd of October at which point you owed £1982.97

You paid your bill at a later date therefore you incurred daily interest on the outstanding balance.

9 days interest on £62
24 days interest on £1908.97

The only way you would have incurred zero interest on the following bill would be if you made the full outstanding payment on the 22nd of October, the day the statement was produced.

noh

On your second point.
The 15th of November was a Saturday. Any payment received on a non working day will be shown as being received on that day but it will not be credited to the account until the next working day, which in this case was Monday 17th of November.

agrinnall

It's called Trailing Interest, and I'd be surprised if you can find any credit card that wouldn't apply it. At least you know now that if you pay the £22.15 and don't spend any more on the card that'll be the end of interest on previous spending.

Traceydolphins

Hate Nationwide for their charges etc, had a few accounts with them in the past, IMO next to Lloyds they are the worst for charges and a pita to get refunded

PeacefulWaters

Traceydolphins wrote: »

Hate Nationwide for their charges etc, had a few accounts with them in the past, IMO next to Lloyds they are the worst for charges and a pita to get refunded

Yet I find no bank or credit company has ever charged me. Strange ...

agrinnall

PeacefulWaters wrote: »

Yet I find no bank or credit company has ever charged me. Strange ...

Indeed, me neither, perhaps it's a conspiracy aimed at certain people...

zerog

Nationwide is odd in that its credit cards often have payment due dates on bank holidays. If paying by DD, the DD is collected the next working day.

This hasn't caused any late payments to be recorded.