Help!

Bella08

I paid off my Egg card in February, my statement shows the payment going through on February 14th, I have not used that card at all in nearly a year, I just logged on and found that they have charged me just over £3 in interest on March 7th. How can they do this if my account has a £0.00 balance??

YorkshireBoy

It's residual interest (for the period between your statement date and the date your payment cleared).

Once you've paid two statement balances in full the interest will stop. You can speed up this process by overpaying slightly and creating a small positive balance.

Eydon

You say you haven't used the card for nearly a year, so I'm guessing that during that time you've been paying off your balance gradually. If that's the case then this will be the residual interest left over from the previous statement.

i.e. your Feb statement would have said that you owed x. You paid that amount, but it would have been accruing interest during the period from your Feb statement date to when your payment actually hit the account.

Bella08

Thank you, I'll just pay it then.