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Aqua claiming interest even though balance paid off in full

MorganaLF
Posts: 41 Forumite
in Credit cards
Hello.
My husband has an Aqua credit card.
On Thursday morning he paid the total balance on his statement in full, using faster payments. On that night and the following day it showed amount owing as zero and the available credit as the credit limit for that card, i.e. everything paid off.
Yet this morning, on line, it shows him owning £52. He phoned them and they say it is interest from the previous month. They insist that if the previous month wasn't paid off in full, even if the most recent statement balance is cleared, that interest will be added. They even suggested he pay them an extra £1 so he could see this in the terms and conditions! However, on finding the Ts & Cs it simply says that any interest not paid would be added to the statement balance of the next month. My reading of this, as with other cards, would be that the current balance would reflect interest from the previous month and that therefore, paying off the balance in full shouldn't leave anything owing. As a further point, which he tried to clarify with them, if this isn't the case then the statements produced, which give a balance, would never be an accurate reflection of the amount owed on the account.
Is this just us oversimplifying or have others encountered similar problems with Aqua? If so, how did / would you proceed?
My husband has an Aqua credit card.
On Thursday morning he paid the total balance on his statement in full, using faster payments. On that night and the following day it showed amount owing as zero and the available credit as the credit limit for that card, i.e. everything paid off.
Yet this morning, on line, it shows him owning £52. He phoned them and they say it is interest from the previous month. They insist that if the previous month wasn't paid off in full, even if the most recent statement balance is cleared, that interest will be added. They even suggested he pay them an extra £1 so he could see this in the terms and conditions! However, on finding the Ts & Cs it simply says that any interest not paid would be added to the statement balance of the next month. My reading of this, as with other cards, would be that the current balance would reflect interest from the previous month and that therefore, paying off the balance in full shouldn't leave anything owing. As a further point, which he tried to clarify with them, if this isn't the case then the statements produced, which give a balance, would never be an accurate reflection of the amount owed on the account.
Is this just us oversimplifying or have others encountered similar problems with Aqua? If so, how did / would you proceed?
0
Comments
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once you don't pay in full one month, then you need to pay the full balance for two consecutive months before interest becomes zero
all CC work that way0 -
Hi morganaLF,
I have never had a credit card,but from reading these forums in the past,I believe it is called "trailing interest".All credit cards do it.I just had a quick Googleof the term to make certain of what I believed.There are lots of links to explanations there.
HTHSPC #36 :staradminx 8.SPC7=£751.10 SPC8=£651.04 SPC9=£843.00 SPC10=£872.76
Pinecone £301,Valued Opinions £10.500 -
The credit card company is correct, all cc companies work this way.0
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The invoice, compiled on March 1st (or thereabouts) shows the interest due up to this date. Your payment arrived on the 19th, which means there is interest due from
March 1 - 19, which worked out in your case as £52.
Had the payment arrived on March 9, the interest would have been about £26.0 -
Thanks all! Oh bu**er! Lol.
Never heard of trailing interest. Better check the other two cards he paid off!0
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