merchandise interest payment

g-man_9

Hi All,

I paid off my Egg card on the 3rd January for the full amount of £3,811.21 ..yet on the 24th January they have added £13.69 merchandise interest payment!!!

I have not used the card in over 3 years or transferred anything from other credit cards! I just wanterd it paid off!

Do I have to pay this? or is this a mistake made by them??

Thanks for your help
Graeme

benf90

Yeah you have to pay, it's not a mistake and most credit cards are like this.

It carries on accruing interest up until the day it is cleared (if you were paying less than full balance previous months).

24th must be your statement date, so the interest applied on 24th Jan will be the interest that accrued between 25th Dec 07 till 3rd Jan 08 when you cleared the card.

If you clear that £13.69 on time then it should be the last of the interest to go on.