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Shell Citi Mastercard - Top up fee !!
Tadger
Posts: 27 Forumite
in Credit cards
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 ??
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 ??
0
Comments
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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 £1.0 -
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.0 -
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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...0
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