M&S Credit Card statement-Which transactions are accruing interest?

OceanSound

Just downloaded M&S credit card statement.

It's showing an estimated interest amount of £13.13 (for next month). See below:



How do I work out which transaction(s) are accruing interest? I'd be inclined to settle these transactions (debts) immediately.

[Deleted User]

If you don't clear in full, all transactions will attract interest at the appropriate rate for that transaction type.

Additionally, any cash transactions will attract interest regardless.

Does your statement summarise your transactions by rate plan?

OceanSound

Deleted_User wrote: »

If you don't clear in full, all transactions will attract interest at the appropriate rate for that transaction type.

Additionally, any cash transactions will attract interest regardless.

Does your statement summarise your transactions by rate plan?

This particular credit card offered 0% interest on purchases until 25 November 2018.

Does your statement summarise your transactions by rate plan?

Nope. It doesn't.
It just say's cash advances accrue interest at 23.9% p.a (effective rate), 1.805% monthly calculation rate.
Purchases and charges at 0.00% both p.a (effective rate) and monthly calculation rate.
Other than contacting them to find out (which transactions are attracting the interest), feel a bit stumped.

[Deleted User]

Any payments you make will go to the highest rate hearing transactions.

From the descriptions and the rate and interest amount, it looks like your Transferwise transactions are cash.

OceanSound

Deleted_User wrote: »

Any payments you make will go to the highest rate hearing transactions.

From the descriptions and the rate and interest amount, it looks like your Transferwise transactions are cash.

From the descriptions and the rate and interest amount, it looks like your Transferwise transactions are cash.

if they were, interest would amount to around £25 pounds. (using my basic calculations), not £13.13.
In any case, I've had to time many 'large' transactions close to the statement date, so as to become aware of whats going on.

[Deleted User]

No, because they are posted late in the month.

OceanSound

Deleted_User wrote: »

No, because they are posted late in the month.

The estimated interest is based on date of posting of transaction to next statement date (following month), No?

Penelopa.Pitstop

It's probably transferwise. Check details of transactions and you will see how they are classified. Curve changed the rules and now they transfer specific transaction codes to underlying credit card. They implemented it about a week ago. Also, whatever you pay, will be credited against the transaction generating interest.

OceanSound

Penelopa.Pitstop wrote: »

It's probably transferwise. Check details of transactions and you will see how they are classified. Curve changed the rules and now they transfer specific transaction codes to underlying credit card. They implemented it about a week ago. Also, whatever you pay, will be credited against the transaction generating interest.

Check details of transactions and you will see how they are classified.

The only details of transactions I have are what's posted on the OP. Nothing more, nothing less.

BTW, Did receive an email from curve on 17 September, which said:

"What's new?
This week we are introducing new technology that will allow us to pass more information to your payment card issuers about the transactions you’ve made with us.

How does this benefit you?
Higher acceptance at retailers. We are constantly looking at ways to keep improving our acceptance rate. After this change, Curve will be accepted at even more merchants.

Eligibility for rewards. Your card issuer will now be able to identify your spend categories. If you have a card which gives you Rewards based on categories of spend (e.g Groceries, Travel, etc.), you now may be able to earn these Rewards, on top of your Curve Rewards.

A better service from your card issuer. Your card issuer will receive more transaction details from Curve. Starting now, you should see more spend details from transactions with Curve in your card statements (this will vary by card issuer).

I've not seen any difference in the M&S statement. Same old, same old. It's simply not realistic for a card issuer to expect the customer to second guess which transactions are cash transactions, which are not.

anyway, I've done a calculation for the estimated interest, based on the assumption that the two transferwise transactions were classed as cash transactions. Here is my result:

(501 x 30 + 751.50 x 30) x 0.01805*12/365 = 37575 x (0.01805x12/365) = 37575 x 0.0005934 = 22.2979

However, if I assume that only the last trasferwise transaction had gone through as cash (perhaps because it's taken a few days for the new curve policies to come in to place?), then I get the following result:

(751.50 x 30) x 0.01805*12/365 = 22545 x (0.01805x12/365) = 13.38

So, it seems only one of the transferwise transactions (the last one) has been classed as a cash transaction, due to the new Curve changes.

OceanSound

Just been talking to M&S Bank support.

Apparently, £757.38 of my balance is accruing interest. However, when I asked which transactions specifically, they weren't' able to tell me.

I suggested the £751.50 as one of the transactions, and asked where the £5.88 to make £757.38 came from. Then she was saying they are from 3 transactions from the previous month. However, this cannot be, because I had cleared them + interest when I paid £1527.08 on 31 August.

Secure Messaged m&S bank 2 days ago, now fast approaching 48 hours. still no reply. All the while, part of my balance is accruing interest.

Nevermind seductive music. Cue surreptitious music more like.

eskbanker

OceanSound wrote: »

Apparently, £757.38 of my balance is accruing interest. However, when I asked which transactions specifically, they weren't' able to tell me.

I suggested the £751.50 as one of the transactions, and asked where the £5.88 to make £757.38 came from. Then she was saying they are from 3 transactions from the previous month. However, this cannot be, because I had cleared them + interest when I paid £1527.08 on 31 August.

Surely if you incurred interest that you paid off last time round, then there'll be some trailing interest to pay this month, covering the period from prior statement date up to payment on 31 August?