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

OceanSound

eskbanker wrote: »

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?

That's covered by the £5.88 shown in the statement (see screen shot on post#1). My statement date was 24 August and I made payment covering the cash transactions + interest of £17.08 on 31 August. i.e. Payment of £1527.08 (again see post#1). You can see the three transactions in question on my previous thread:

https://forums.moneysavingexpert.com/discussion/comment/74834487#Comment_74834487

Anyway, we are talking about estimated interest due to be charged in next months statement (24 October) if I don't pay back the cash transactions (for this month) until later. Not trailing interest in this months statement.

IF we were talking about trailing interest, I actually make this £6.22, and not £5.88, as I had been charged. To be fair, I'd rather pay the actual figure even if it is not in my favour, simply because it's what's correct and proper.

OceanSound

OceanSound wrote: »

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

A little bit more complicated than I thought.
Estimated interest is based on paying the minimum payment (£98.59) on the payment due date.
Here's the revised calculation:
(757.38 x 25 + 658.79 x 5) x 0.01805*12/365 = (18934.50+ 3293.95) x 0.000593 = £13.19

Does anyone know the reason for the 6p difference. (My calculation=£13.19. M&S Statement = £13.13)

OceanSound

OceanSound wrote: »

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.

Mystery solved. the £757.38 seems to be made up of:

1) transferwise transaction of £751.50 +
2) interest of £5.88

£751.50 + £5.88 = £757.38
What led to the confusion was that, when I phoned M&S Bank support yesterday, I asked the support staff, if there is interest on interest. She was adamant there wasn't.

BTW, my query to e-support three days ago was answered today, completely dodging the question about what transactions make up the cash transactions. (in this case there is only one by the looks of it)

Be warned M&S Bank telephone and online support are equally bad. :eek: