Interest on full statement balance

zagfles

chattychappy wrote: »

Yep. But bear in mind my experience above - on taking up the offer, the operator typed the wrong date into the system.

Yes but I can't see how that (or anything similar) could be the case here. If the 0% expiry date was wrong then the OP would only have been charged an extra 5 days interest max, which would have been nowhere near £47, or would have been charged interest on the previous statement.

Here it would appear the OP is being charged for money he no longer owes. Even if the APR was 60% he shouldn't have been charged £47. It's hard to imagine how they could have got this wrong - the systems would be set up for daily accrual of interest. So the only thing I can think of its that the OP was spending on the card after the Feb statement. Either that or the bank have a serious IT problem!

tonyb47

Thanks for further responses. Yes, can confirm no purchases made on the card after 24 Feb. In fact, the entire balance was a transfer. I think you've confirmed the world isn't upside down as I feared and I'll be going right back and not letting this one drop. Thanks and keep up the good postings!

jonesMUFCforever

The only thing I can think of is whether the card has charged a full month's interest on the balance date of the last statement (because it was not cleared in time) - whether this is right or wrong, I don't know because I don't have the terms and condition in front of me.

chattychappy

jonesMUFCforever wrote: »

The only thing I can think of is whether the card has charged a full month's interest on the balance date of the last statement (because it was not cleared in time) - whether this is right or wrong, I don't know because I don't have the terms and condition in front of me.

I can't think that that would be the case: if the OP was given a 0% expiry date, then no interest should be applied until then.

BUT, your comment does trigger a thought.

OP: are you sure that your last payment (and perhaps the one before) arrived on time? If you are late with a payment then they usually kill the promo rate, sometimes charging interest back to the statement date of the statement in respect of which your payment didn't arrive on time.

Maybe worth checking. You might have missed it if they didn't apply late payment charges. (Not all CCs apply late payment fees if you are only a day or so late, but they might still withdraw a promo rate. They should tell you, of course!)