Charged Interest on the full balance despite paying most it off

[Deleted User]

tigaruk wrote: »

I

Never had that on my other credit card, they only charge what is unpaid. Why does Citizens advice also contradict that?

A) you've had that on all your other cards and CAB aren't experts in anything much.

YorkshireBoy

tigaruk wrote: »

Having asked around outside this forum everyone else has also never heard of a credit card charging interest on the full balance even if most of it is paid off (only ever charging on the REMAINING balance)

"Everyone else" is wrong.

so i can only assume i've not explained myself well here

You've explained what's happened very well. We've seen posts like yours 100s/even 1,000s of times over the years. We're just telling you how it is. Your credit card provider is telling you how it is. The summary box is telling you how it is. The T&Cs are telling you how it is. But it seems you're choosing to believe "everyone else". However, I can assure you that the people replying here are vastly more experienced in the workings of credit cards, and their T&Cs, than "everyone else" (in your circle).

Ben8282

tigaruk wrote: »

Because having signed up to the card 2 years ago the exact terms and conditions are not exactly at the front of my mind. What a stupid question.

Having asked around outside this forum everyone else has also never heard of a credit card charging interest on the full balance even if most of it is paid off (only ever charging on the REMAINING balance), so i can only assume i've not explained myself well here or everyone here is happy with credit card companies screwing them over every time they don't clear the full balance.

Really? Who have you asked? Trolls and Spammers? Nobody else would give you such FALSE information.
Unless you pay the FULL BALANCE, not 99% of it, not 95% of it but ALL of it by the payment due date you will be charged interest on ALL transactions from the date of transaction to the date of payment.
If this is the first time since you obtained this card 2 years ago that you have not paid in full, then your 'miscalculation' as to the balance due, however this miscalculation came about, was an expensive one.
I am telling you, as will every single other established poster on this forum, that what has occurred is correct. You may not like it but that is the way it is and no amount of complaining to Aqua, the Citizens Advice Bureau or the Financial Ombudsman will change that fact.
I am also sorry to tell you that, until such time as you repay a statement in full AND have also repaid the previous statement in full, you will continue to be charged interest so be prepared. There will be more interest to pay.
The amount of interest charged is of course very high but that is normal on high APR cards that are given to people such as yourself with a bad credit history.

tigaruk wrote: »

Never had that on my other credit card, they only charge what is unpaid. Why does Citizens advice also contradict that?

Really? Could you please let us know what type of card this is as I imagine everybody will want to get one.


A final thought. Although the fact that you were charged interest is correct, £115 interest on a balance of (presumably) £960 appears to be somewhat excessive. Whatever is the APR on this card?

ic

The majority of that £115 will have been the interest charged on the balance you owed from the moment it went on your card through to the moment you made that payment, with a smaller proportion covering the interest charged on the remaining £48 through to the statement date. You only get the interest waived if you pay the full outstanding balance - keep it shy by even a penny, and you'll pay the full interest. Note now that you'll also have interest charged on the interest and will have to pay that next month - even if you don't charge anything else to the card. It won't be so much, but be ready for that.

derps

Ben8282 wrote: »

Really? Could you please let us know what type of card this is as I imagine everybody will want to get one.

I have the same one:

ThePants999

I'm not even sure why this is a surprise. If you spend on a card, get a statement a bit later and make a payment later still, you've borrowed money for, like, a month. Why's it surprising that you'd be charged interest for that month just cos you paid it back at the end of the month? The surprising bit is that they waive it under certain conditions, not that they charge it in others!

David555

Have to admit, as a credit card newbie I thought interest would of been owed only on the remaining statment balance outstanding if not paid in full also. Learn something new everyday! I feel your pain OP. Depending on how long you've had Aqua maybe you've built up enough credit history to be able to get a main stream card with a much lower interest rate in the event this happens again. Run a soft search on a comparison site to give you a rough idea on your chances of being accepted.

Note to self, Must start reading terms and conditions in future! :eek:

eskbanker

David555 wrote: »

Have to admit, as a credit card newbie I thought interest would of been owed only on the remaining statment balance outstanding if not paid in full also. Learn something new everyday! I feel your pain OP. Depending on how long you've had Aqua maybe you've built up enough credit history to be able to get a main stream card with a much lower interest rate in the event this happens again. Run a soft search on a comparison site to give you a rough idea on your chances of being accepted.

Note to self, Must start reading terms and conditions in future! :eek:

Someone able and willing to listen and learn rather than rant, what a refreshing attitude in complete contrast to the belligerently misguided OP!

PeacefulWaters

I'm still interested in what the actual balance was. £115 is a hell of a lot of interest.

£45 unpaid suggests a transposed figure has been paid such as £3,027 when the balance was £3,072.

In this respect the poster is exceptionally unlucky and should, perhaps, contact the card company again admitting the error and pleading for a goodwill refund of interest on the basis that there was a genuine intent to pay in full.

Getting into arguments about terms and conditions and legislation is only going to irritate staff. The "f****** disgusting" quote in the post may be an example of how the first "mercy" call has been handled by the OP. All this puts staff on the defensive.

pvt

Many years ago I paid the incorrect amount, by 9p: I think the balance was something like £1,051.32 and I paid £1,051.23.

I pleaded nicely with the card provider that it was obviously an error with transposed numbers, and it was my obvious intention to repay in full, but they still reserved their right to charged me about £20 interest and refused to budge.

I learned my lesson. I changed card provider; I subsequently rounded up the amount to the next pound when I paid by cheque; and nowadays always pay CCs by DD.