Shell Citi Mastercard - Top up fee !!

Tadger

I've just received notification of changes to the terms and conditions to my card account this morning...... the one of great interest to me is this :

Clause 13
"The annual fee payable on your Account is £0. If an annual fee is payable, it will be charged on the anniversary of the Account opening date. No interest is charged on annual fees. We will also charge you a top up fee where the amount of interest charged to your Account on any statement is less than £1 and the fee will be the amount required to make the top up fee plus that interest equal to £1. Interest on the top up fee adn any billed interest will be charged at the standard rate for purchases."

Now, I may be getting the wrong end of the stick here, but this sounds like a £1 a month 'fee' if you pay you account of in full each month and don't accrue any interest ??

YorkshireBoy

It's a minimum interest charge.

If your interest is less than £1 it'll be rounded up ("topped up") to £1.

You'd need to have a very low outstanding balance to generate interest of less than £1.

Tadger

But... my interest each month is £0.00.... which is less that £1.. so if you follow the logic of their clause, they will take a £1 fee from me to make a total of £1 ??

I could understand if there was a statement that said, no fee wil be required if the interest due on the account is zero.

YorkshireBoy

Tadger wrote: »

But... my interest each month is £0.00.... which is less that £1.. so if you follow the logic of their clause, they will take a £1 fee from me to make a total of £1 ??

I think you're reading too much into it.

clio

I,m led to believe an 0p balance is exactly that and wont incur the £1 top up interest but 10/20/30/40/50/60/70/80/90p etc would be topped up to make a £1 so in other words anything over zero and under a pound would mean a minimum £1 interest...