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TSB charged interest 0% ending 'early'
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elektra
Posts: 1,361 Forumite
in Credit cards
Have had TSB card forever and always pay off card in full in cash on day due. Don't use it loads so not bothered about switching.
Couple of months ago they re-issued new cards (as they were changing to mastercard). At the same time they offered 2 or 3(not sure which) months interest free credit. I don't think original letter specified exact date when rate ended.
As this was over Xmas time and spending was a bit more than normal I decided to take advantage of that offer and pay minimum and let balance roll over. This month I looked at bill and it said 0% and estimated interest £0 so I decided to pay minimum and earn interest on money £1000 put aside to pay bill.
Just received new bill and interest added. Phoned them up and they said 0% interest had ended and interest was on transactions since last statement(which I understand). I argued how was I supposed to know exactly when interest rate ended they had planty of room on statement to warn you interest may be added. They didn't want to budge until I mentioned that it was in news how much profit they have made. They have refunded interest.
At the same time they have automatically increased my limit by £1000 ( I have no income) and offered 0% balance transfer from another card.
I feel this was a form of entrapment. So just a warning to others. Please beware aware when your 0% ends.
Couple of months ago they re-issued new cards (as they were changing to mastercard). At the same time they offered 2 or 3(not sure which) months interest free credit. I don't think original letter specified exact date when rate ended.
As this was over Xmas time and spending was a bit more than normal I decided to take advantage of that offer and pay minimum and let balance roll over. This month I looked at bill and it said 0% and estimated interest £0 so I decided to pay minimum and earn interest on money £1000 put aside to pay bill.
Just received new bill and interest added. Phoned them up and they said 0% interest had ended and interest was on transactions since last statement(which I understand). I argued how was I supposed to know exactly when interest rate ended they had planty of room on statement to warn you interest may be added. They didn't want to budge until I mentioned that it was in news how much profit they have made. They have refunded interest.
At the same time they have automatically increased my limit by £1000 ( I have no income) and offered 0% balance transfer from another card.
I feel this was a form of entrapment. So just a warning to others. Please beware aware when your 0% ends.
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This happens with all cards not just LTSB.0
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