Mint - RBS

mad_mazza

I have always paid slightly over the recommended monthly payment and i had an endowment matured in January so i decided to get rid of debt that i was paying at an increased amount each month I paid 145 per month off at 5533.00 debt each month but roughly 120 was getting added with interest each month. i paid the full balance off therefore owing nothing, but when i received my statement they have added approx 70.00 on. When checking this they said it was residule interest which would be getting added on each day before i paid my balance off in full. I disagree as when i phoned to confirm my balance outstanding they quoted the same which was on my credit card statement. i'm really annoyed anyone out there who can help . I had the same with barclaycard but when i spoke to them they were happy to refund my interest charges. any help greatly appreciated.

YorkshireBoy

When you ask for a settlement figure, it's valid for that moment in time only. Mint have no way of knowing how long your payment will take to arrive (and then clear onto your account), so the redisual interest charged is for the period from your request date and the date the payment cleared onto your account.

In order to stop interest being charged you either have to pay off two statements in full or overpay slightly to create a small positive balance (and then claim this back when you close the account).

It's standard practice in the credit card industry, and is explained in your T&C's. Barclaycard probably waived it because it was a small amount and/or it would cost them more in time and money to explain it to you further.

when i phoned to confirm my balance outstanding they quoted the same which was on my credit card statement

They won't know (exactly) how much interest is to be added until your next statement is produced.