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Pay in full (Not Sainsbury's!)

took out Zero % CC in 2022 due march 2024, forgot to pay off, Incurred full Intrest charge (my fault) paid off in full Apr 2024, now just recieved latest statement, incurred full Intrest (again), customer support tell me  that I have to pay in full for 2 consecutive months to prevent intrest charges, so if I pay the 2nd Intrest charge, I'll be OK. I've had a credit card for over 45 years, missed the odd payment over the years, never encountered this 2 month rule before, won't again!? Anybody else encountered this ?

Comments

  • Nasqueron
    Nasqueron Posts: 10,252 Forumite
    Tenth Anniversary 10,000 Posts Photogenic Name Dropper
    edited 22 May 2024 at 12:06PM
    How you've phrased it is a bit odd - normally when you make a partial payment on a CC you get charged the interest on the full balance, not just the bit left over which catches some people out. Due to this, even when you clear it, there is always trailing interest (not full interest?) which means you need to pay the balance in full the next month as well (to clear the interest) and then a second month just in case there is anything left.

    The 2 month rule though yes is the way pretty much every card works

    How much after the due date did you pay the card off? It's possible the balance was then on the next statement meaning more interest e.g. due March 1st, statement created March 7th, you paid April so therefore had the interest from prior to March and then again on the March statement

    Sam Vimes' Boots Theory of Socioeconomic Unfairness: 

    People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.

  • surreysaver
    surreysaver Posts: 4,566 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    That's normal. Put a note in your diary next time 
    I consider myself to be a male feminist. Is that allowed?
  • born_again
    born_again Posts: 18,741 Forumite
    10,000 Posts Fifth Anniversary Name Dropper
    Yep, trailing interest between when you paid & when transaction were made.
    Life in the slow lane
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