How does credit card interest work?

grumbler

sarahlou29xxx wrote: »

It's with aqua

Check your T&C?
Mine, from 2012, are almost identical to the Halifax's ones quoted above.

It's 3.7.

That said, as both put the clause "also paid the full balance on the previous statement" into brackets, I am not sure that they mean what they say and I have never had an opportunity to check this in practice.

grumbler

YorkshireBoy wrote: »

With Halifax...

Out of curiosity I checked Nationwide:

Interest will not be charged on purchases if you pay the total balance ... shown on your statement each month by the due date.

Nothing about the previous month, although there is ambiguity in "each month".

Santander:

If you did not pay the Account balance in full by the previous payment date we will charge interest on the amount of all Purchases from the date they are added to your Account and will add this to your next statement.
....
If you always pay your Account in full by the payment date we will not charge interest on Purchases.

Anthorn

If the card has an interest free period you don't pay interest if you clear statements on time. If you don't clear the balance, interest is charged from the day the card was debited. If it doesn't have an interest free period, for example TSB Low Rate Advance Mastercard, you will pay interest even if you clear the full balance with interest calculated from the day the card was debited. Of course if you pay the full balance every month you would be bonkers if you got a card with no interest free period. Read the summary and the pre contract info before you apply or accept an offer.