Credit Card bill - 0.01p

eeyorerules

I transferred my balance from my Abbey credit card to another credit card and got a bill for £2.96 interest owing (which I expected as the final interest due). I duely paid this balance ahead of the due date - in fact it was credited on the 7th day after the statement date. Expecting that that was my account clear I could not believe it when I got my statement today with an outstanding balance of 0.01p.

I know the banks are desparate to recoup money but this takes the biscuit! I wonder what fraction of a penny I will owe next month????

jonesMUFCforever

Don't pay then and get charged £12!
Unfortunately a computer cannot differentiate between a small outstanding amount or large. It is programmed to generate a statement if there is a balance either in credit or debit.

eeyorerules

No fear - I have my penny sitting out ready to take to my local branch tomorrow!!!!!!!

It has never happened to me before - when I have cleared two balances in a row - that I have further interest due. My point is where does it stop - will I have further 1p bills as the minimum amount due because I cannot physically credit the account on the day the statement is issued because of the time lapse in the post?

NickX

I think if you called them, they would write off the penny and mark your account as settled. It is not even worth their while processing the payment.

doelani

NickX wrote: »

I think if you called them, they would write off the penny and mark your account as settled. It is not even worth their while processing the payment.

I agree once got a bill for 97p after thinking I had paid off a card, rang the company and they clsoed it off.

on another subject I once got a giro from CSA for £0.05p liek someone else says computers just produce them. lol

Lennon

I had a 1p balance on my halifax card for ages. It was on direct debit but they never took a payment for it and it always showed that £0 was due so I just let them bill me for it for a while. After I paid off the balance they just kept charging me interest on the interest every month for about 4 months until it eventually went down to 1p!

brightonman123

jonesMUFCforever wrote: »

Don't pay then and get charged £12!
Unfortunately a computer cannot differentiate between a small outstanding amount or large. It is programmed to generate a statement if there is a balance either in credit or debit.

but it can be easily programmed in / filtered out, surely? the stamp / paper / envelope would cost more than what is due, plu there's the ink, electric for printer, poor sod on minimum wage stuffing the envelopes..

Paul_Herring

I wonder what fraction of a penny I will owe next month????

If you're very lucky, Abbey may have a 'minimum interest' clause in their T&C's whereby, if your interest (if any) in a month is less than (to pick Halifax as an example) 50p, they charge (using the same example) 50p interest.

:rolleyes:

jonesMUFCforever

NickX wrote: »

I think if you called them, they would write off the penny and mark your account as settled. It is not even worth their while processing the payment.

In this day and age I think they would be more likely to charge him £12 and more interest on top! :beer:

NickX

jonesMUFCforever wrote: »

In this day and age I think they would be more likely to charge him £12 and more interest on top! :beer:

Well I meant calling them before the 0.01p is actually due for payment.

I'm sure that if the payment date passes and no payment has been received, then the computer system will generate a £12 late payment charge and revoke any special terms that he may be on.

Biggles

NickX wrote: »

Well I meant calling them before the 0.01p is actually due for payment.

Absolutely, that'll show them who's in charge. Give them a quick ring on their 25p a minute phone line, hang on for half an hour, and when you get through they'll write off your charge promptly. Er, how much was it again?