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I have been charged interest
Yuzo
Posts: 111 Forumite
in Credit cards
Ok, so as far as I was aware, you get the months credit card statement through and making sure you pay the full amount before the due date, no interest is charged. I have done this for years and years.
This months statement has come though and Virgin have charged me £22,.. even though I payed last months full amount. I phone them up and they say I pay interest as soon as a purchase is made?? I have never heard of this, I never pay interest when I have payed my card in full before the due date.
This months statement has come though and Virgin have charged me £22,.. even though I payed last months full amount. I phone them up and they say I pay interest as soon as a purchase is made?? I have never heard of this, I never pay interest when I have payed my card in full before the due date.
Is this normal practice?
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Comments
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Is it possible that something has been treated as a cash advance?
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Most likely is that you made a cash transaction. Check your statement.0
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estimated interest? In case you do not pay in full.Life in the slow lane0
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Nope just double checked.blue.peter said:Is it possible that something has been treated as a cash advance?0 -
No it’s been applied to my statement.born_again said:estimated interest? In case you do not pay in full.
Going to phone them back, hopefully get somebody to explain it better.0 -
https://uk.virginmoney.com/virgin/assets/pdf/example-summary-box.pdf
Statement balance paid off in full should indeed result in no purchase interest being charged; they make exceptions for cash advances, money transfers, and balance transfers, if outside of a promotional period.
You may also have rolling interest if your previous balance wasn't paid in full.
If none of those apply, you've been charged incorrectly.1 -
Thank you will quote that.Fighter1986 said:https://uk.virginmoney.com/virgin/assets/pdf/example-summary-box.pdf
Statement balance paid off in full should indeed result in no purchase interest being charged; they make exceptions for cash advances, money transfers, and balance transfers, if outside of a promotional period.
You may also have rolling interest if your previous balance wasn't paid in full.
If none of those apply, you've been charged incorrectly.1 -
" I phone them up and they say I pay interest as soon as a purchase is made??......"
In fact the customer service rep was correct, you are charged interest from the purchase date.
However, what they omitted to say is that this interest is forgiven if you pay the statement balance in full by the required payment date.1
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