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Paying Off Card - interest on interest
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shieldfab
Posts: 7 Forumite
in Credit cards
Hi all,
In happy position of clearing balance on HBOS card. On 8 October balance remaining was zero. On statement date in October, interest was added. This sum was then paid in late October. November statement now shows interest (78p) added - due entirely to interest being calculated on the interest. Next statement will presumably add interest on that 78p (statement showing 50p interest, minimum figure). When does it end and it is all clear?
In happy position of clearing balance on HBOS card. On 8 October balance remaining was zero. On statement date in October, interest was added. This sum was then paid in late October. November statement now shows interest (78p) added - due entirely to interest being calculated on the interest. Next statement will presumably add interest on that 78p (statement showing 50p interest, minimum figure). When does it end and it is all clear?
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normally you need to pay two consecutive months off completely before interest stops0
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