Interest on RBS Credit Card

mandy6979

Last month i paid off the remaining balance of £266 on my credit card and was left with a balance of £0.00. Previously, I always had outstanding balances on my card, but have now managed to clear it. Today when i checked my statement on-line, it said that i have a balance of £3.07 for interest.

I thought that if a balance was paid off in full that it didn't incurr any interest charges. Can someone please clarify this before i phone them up and query it??

Thanks in advance.

Mandy

methusala_2

pay it, and next months balance will read 00.00. What you have here is known as ...trailing interest.... its the interest accrued on that final sum of 266.00 from the date of the last statement to the date they recieved your payment. CC interest is calculated on a daily basis. AFTER you receive a statement showing balance as 00.00 only then will all purchases be interest free by clearing the balance every time by the payment due date. The T&C will say 56 days interest free on purchases provided you have paid the 2 consecutive previous statements in full by the due date.This ...trailing interest.... is why they say 2 consecutive previous statements

mandy6979

Thanks. :beer:

Mandy.