Sharp Practice by MBNA

NickX

Yes I agree YorkshireBoy.

I think the OP still has the 56day interest free option on new purchases, but has incurred interest by not paying in full and on time. It will take 2 months full payments to clear this interest because of "residual interest", i.e. interest accrued between the date of the first statement and the actual payment date. This then appears on the next statement.

Lavendyr

I think you could be right Yorkshire Boy, but I'm not sure, because the OP does say he was late paying in February - thereby suggesting that he paid interest both in Feb and March for February's late payment, and was therefore surprised to find interest charged in April as well.

NickX

Lavendyr wrote: »

I think you could be right Yorkshire Boy, but I'm not sure, because the OP does say he was late paying in February - thereby suggesting that he paid interest both in Feb and March for February's late payment, and was therefore surprised to find interest charged in April as well.

No, he was late paying in February - this incurred interest in March, and left residual interest in April.

He hasn't said that he paid interest in February, just that the payment was late.

So, I read it as just 2 months of interest due to the late payment in February.

YorkshireBoy

Lavendyr wrote: »

I think you could be right Yorkshire Boy, but I'm not sure, because the OP does say he was late paying in February - thereby suggesting that he paid interest both in Feb and March for February's late payment, and was therefore surprised to find interest charged in April as well.

You still have to pay two successive statement balances in full to stop the interest though (and reinstate the [up to] x days interest free on purchases).

The OP hasn't done that yet, and won't have until he settles April's statement by the payment due date (assuming he paid the March statement in full of course).