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mystery interest charge on £0 balance?!
Comments
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Paul_Herring wrote: »Not quite the rip off you seem to making it out to be. You'd have to be (deliberately?) carrying a balance of (19.5% APR -> £1/1.5%=) £66.67 from month to month to be 'losing' out on this.
I'm a little confused by this - are you saying that the minimum £1 interest charge would not apply in the case of Residual Interest which could be only a few pence accrued over a matter of a few days ?0 -
I think Paul is saying that in order to 'lose out' by the rounding up of interest (to £1) you need to have an unpaid balance of less than £66.67...anything more than this, and your interest would be £1 or more anyway (at 19.5% APR as in his example).I'm a little confused by this - are you saying that the minimum £1 interest charge would not apply in the case of Residual Interest which could be only a few pence accrued over a matter of a few days ?0 -
YorkshireBoy wrote: »I think Paul is saying that in order to 'lose out' by the rounding up of interest (to £1) you need to have an unpaid balance of less than £66.67...anything more than this, and your interest would be £1 or more anyway (at 19.5% APR as in his example).
Hmmm, but if you have a balance that has been accruing interest, then pay it in full say 3 days after the statement date, then Residual Interest would be calculated for those 3 days between statement date and payment date. Surely this would only be a matter of pence, but they could round this up to a £1. This doesn't seem very fair, hence the suggestion to overpay slightly when settling the balance.0 -
Hmmm, but if you have a balance that has been accruing interest, then pay it in full say 3 days after the statement date, then Residual Interest would be calculated for those 3 days between statement date and payment date. Surely this would only be a matter of pence, but they could round this up to a £1. This doesn't seem very fair, hence the suggestion to overpay slightly when settling the balance.
Exactly correct. As I said in my other post: "£1 minimum interest, if there is any interest accrued in the billing period."Conjugating the verb 'to be":
-o I am humble -o You are attention seeking -o She is Nadine Dorries0 -
Hmmm, but if you have a balance that has been accruing interest, then pay it in full say 3 days after the statement date, then Residual Interest would be calculated for those 3 days between statement date and payment date. Surely this would only be a matter of pence, but they could round this up to a £1. This doesn't seem very fair, hence the suggestion to overpay slightly when settling the balance.
Yeah, when I hastily wrote my post earlier, this was the "rip-off" I was referring to.You're spelling is effecting me so much. Im trying not to be phased by it but your all making me loose my mind on mass!! My head is loosing it's hair. I'm going to take myself off the electoral role like I should of done ages ago and move to the Caribean. I already brought my plane ticket, all be it a refundable 1.0 -
Yeah, when I hastily wrote my post earlier, this was the "rip-off" I was referring to.
I agree with you, all those interest payments that should be a few pence then rounded up to £1 will add up to a nice big profit for the card company - should pay for the bubbly at the shareholders meeting :beer:0 -
I love that commercial...should pay for the bubbly at the shareholders meeting :beer:
You're spelling is effecting me so much. Im trying not to be phased by it but your all making me loose my mind on mass!! My head is loosing it's hair. I'm going to take myself off the electoral role like I should of done ages ago and move to the Caribean. I already brought my plane ticket, all be it a refundable 1.0
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