Quick Barclaycard interest question

joharm

I am not very clued-up when it comes to credit cards - I have a Barclaycard that I use very rarely.

Anyway, I had £23.97 to pay back by the 19th March. I paid all of this via online banking on the 12th March. Today I got my statement which confirmed the payment and then charged me 0.25p on the 19th March!

It says:

"Interest on you standard balance. Interest 1.527%. 0.25.
New balance £0.25".

I now have a balance of 0.25p to pay off. Any ideas why?

Mutton_Geoff

Cash withdrawal last month? That accrues interest from time you take it out til time you pay it back and will be added to following months statement as they won't know, until you actually pay, how much interest you owed.

Bokkens

It is not quite one days interest,ask customer services to explain where it has come from,and then pay it off,I wouldn't worry about it.

YorkshireBoy

Did you pay the previous statement in full?

If not, this is residual interest and you will continue to see it on every statement until you pay two consecutive statements in full.

Alternatively, send them another £1 by online banking and this will stop the interest dead!

YorkshireBoy

Bokkens wrote: »

It is not quite one days interest...

Not quite one month you mean?

The 1.527% figure is a monthly rate, ie £23.97 x 1.527% = 37p

Bokkens

YorkshireBoy wrote: »

Not quite one month you mean?

The 1.527% figure is a monthly rate, ie £23.97 x 1.527% = 37p

Yes of course ,I've just go up so more coffee is needed.
Thanks YB

joharm

I've never made a cash withdrawl, and I paid off my balance in full.

It will cost me more than 25p on my phone bill to query it, so I guess I should just make a £1 deposit and forget about it. Thanks for all of your help though!

YorkshireBoy

joharm wrote: »

I've never made a cash withdrawl, and I paid off my balance in full.

There would seem to be only two answers then...

1. You bought online (wasn't there a glitch with CDwow purchases recently?), or bought a gift voucher, and the transaction type has been registered as a 'cash' transaction, or

2. It's a mistake (in which case Barclaycard will reimburse your costs to query it, in the form of a credit to the account).