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Less than £70 on credit card - beware
claire21
Posts: 32,747 Forumite
in Credit cards
Read this in the paper:
Some credit card customers who only have 1p on card could be charged a huge rate of interest on their balance.
Citibank will raise the minimum interest charge on its cards from 50p to £1 next month. So if you have almost paid of your card and mistakenly leave 1p owing this will be topped up to £1 - equal to 10,000% interest.
Citibank said the increase would only affect people with £70 or less on their card (less than 1% of UK customers).
Most credit card providers have a min int charge: Intelligent Finance, Halifax, Bank of Scotland and Egg all charge at least 50p. Barclays charge £1.
Some credit card customers who only have 1p on card could be charged a huge rate of interest on their balance.
Citibank will raise the minimum interest charge on its cards from 50p to £1 next month. So if you have almost paid of your card and mistakenly leave 1p owing this will be topped up to £1 - equal to 10,000% interest.
Citibank said the increase would only affect people with £70 or less on their card (less than 1% of UK customers).
Most credit card providers have a min int charge: Intelligent Finance, Halifax, Bank of Scotland and Egg all charge at least 50p. Barclays charge £1.
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