Neverending 0% promotion...

Penelopa.Pitstop

Hi,
My DH applied for a CC in 2006 and got one with 6 months 0% promotion for purchases. On every statement there was a date when promotion ends. Before that date we paid off the card almost in full leaving some £100 in debit. After the promotion end I paid that £100 plus £5 to cover any interest for post promotion period.

To my surprise next statement showed £5 in credit, no interest for last £100 and current APR 0% for purchases. 9 months later it's still 0% APR, no information about any promotion or promotion end. I know it's great from consumer's point of view but the question is: can CC company charge me with interest for past periods when they discover their error?

We use the card from time to time and there's a balance around 1K. I wouldn't be happy to pay any past interest. I don't pay it off it in full due to obvious reasons. Did it happen to anyone?

BMWobbleU

Penelopa.Pitstop wrote: »

Hi,
My DH applied for a CC in 2006 and got one with 6 months 0% promotion for purchases. On every statement there was a date when promotion ends. Before that date we paid off the card almost in full leaving some £100 in debit. After the promotion end I paid that £100 plus £5 to cover any interest for post promotion period.

To my surprise next statement showed £5 in credit, no interest for last £100 and current APR 0% for purchases. 9 months later it's still 0% APR, no information about any promotion or promotion end. I know it's great from consumer's point of view but the question is: can CC company charge me with interest for past periods when they discover their error?

We use the card from time to time and there's a balance around 1K. I wouldn't be happy to pay any past interest. I don't pay it off it in full due to obvious reasons. Did it happen to anyone?

Lucky you :T Which company is the CC from?

Milarky

The chances are they will write if off when they discover the mistake. Interest would have to be worked out for each month back to the official end date. Chances are the interest rates have changed at least once since then. So it would involve the company in time and trouble to do so. You have a few options as I see it.

1) Come clean and draw this to their attention - and they will almost certainly show good will and you will have 'gone straight'

2) Close the card before the error is spotted - same result, no interest charges

3) Wait until the error is spotted (if ever) and be prepared to haggle/beg for forgiveness/remission

Personally I would consider option two the best one but you have find the current balance from somewhere else of course

doodle_bug

I had the same thing with RBS c/c many years ago, must have had 0% for about 2 years and it was supposed to be 10 months. Them were the days 0% and no fee.

youknowwho

hey, im having the same thing with Lloydstsb advantage card now. i opened it in feb 07 0% 6 months on purchasesa nd still there is no interest at 8 months.

bmr

youknowwho wrote: »

hey, im having the same thing with Lloydstsb advantage card now. i opened it in feb 07 0% 6 months on purchasesa nd still there is no interest at 8 months.

Is it a possibility that you were off the radar?:rolleyes:
How could they let you otherwise.

Penelopa.Pitstop

youknowwho wrote: »

hey, im having the same thing with Lloydstsb advantage card now. i opened it in feb 07 0% 6 months on purchasesa nd still there is no interest at 8 months.

Now I have no options: I have to pay it fast before someone from Lloyds will read the forum and check their system. You just killed our neverending promotion ;-)
Fortunately I can pay it off any time, I kept the balanace only because of 0% APR.

youknowwho

bmr wrote: »

Is it a possibility that you were off the radar?:rolleyes:
How could they let you otherwise.

i dont quite understand that? i know im not being charged cus its not on my statement

youknowwho

Penelopa.Pitstop wrote: »

Now I have no options: I have to pay it fast before someone from Lloyds will read the forum and check their system. You just killed our neverending promotion ;-)
Fortunately I can pay it off any time, I kept the balanace only because of 0% APR.

Dont be ridiculous, how are they going to know who i am to check my account? they cant just check the system! it would be like trying to find a needle in a haystack.And i also have the money ready to pay off as soon as it ends, so as not to be wasting money unesersarily on interest. lets just enjoy it while it lasts!

Penelopa.Pitstop

I was joking!

It's hard to say if they know about error in their system. They may try to look for it. I don't think it will be difficult to do checks on 0% promotions.

youknowwho

i aplogise, i have just read the original reply and i can see now that your were clearly jokin! i should lighten up! lol!The only way they would be able to spot it, is if someone called lloyds re anything about their cc, and the advisor somehow realised that they wernt being charged any interest, then the advisor would tell their manager. I think we should just expect it to come nxt month, and if it soesnt, then its a bonus! By the way, did u take your card out in Feb too? was it the advance card aswell? there maybe a certain batch...apologies again :-))))))