Interest on date of purchase

NDJinski

Just realised that TSB credit card is charging interest from date of purchase rather than payment date. £5 cash back offer is not all what it seems.

Edi81

That's standard wth credit cards. As long as you clear the balance in full every month you should be eligible for the cash back offer.

bris

All credit cards are the same. if you don't pay in full every month you get hit with interest from day 1.

Geoff1963

I think cash withdrawals attract interest, even if you do pay off in full. That catches me out sometimes.

boo_star

Geoff1963 wrote: »

I think cash withdrawals attract interest, even if you do pay off in full. That catches me out sometimes.

There's rarely any reason for withdrawing cash unless you have a fee free foreign transaction card though.

Even if you do you're likely to be a person who is switched on and would likely be paying far more attention to transactions than the average person.

TheShape

bris wrote: »

All credit cards are the same. if you don't pay in full every month you get hit with interest from day 1.

And some cards will charge you interest from date of purchase regardless of clearing the balance. Check the summary box for this card:

http://www.tsb.co.uk/credit-cards/purchases/advance-credit-card/

Edi81

That's a new one on me. It does look like the 7.9% card from TSB charges from day 1.

It's the trade off between low rate and interest free if you pay off in full each month.

zerog

Oh wow, that's definitely a new one, I have never come across a credit card that does this anywhere in the world before!

Ben8282

zerog wrote: »

Oh wow, that's definitely a new one, I have never come across a credit card that does this anywhere in the world before!

Really? The Lloyds Advance card has always been like that to name but one such card.
To OP: You should have applied for one of the Platinum cards, not this card, if you are planning to repay in full each month or have obtained the card for the cashback. The card that you have offers a lower interest rate but is obviously intended for people who NEVER pay in full every month and, for whatever reason, are unable to obtain a 0% purchases card.