Virgin/MBNA Residual Interest.

ANDYMAN_3

Having complained to MBNA in september about the outrageously high interest rate 24% Apr that they where charging, I told them that I was unhappy with there service and stated I would be paying of the balance in full. So I was suprised to find this months statement showing a balance of £13.95 which is the amount of interest charged.

On the back of the statement under the section interest the first line states "We wil charge interest on card purchases if you pay any amount less than the full balance by the due date."

As I had paid the Full balance as quoted on my September statement before the due date of 30th September, how can I be liable for interest?

When I phoned today to query this they said it was residual interest, as interest is calculated on a daily basis it is the amount of interest charged from my last statement date up until the day payment was recieved.

How is anybody suppose to pay of a card, if you pay the full balance stated surely that should be final.

omega27

If you phone them and ask for a settlement figure & pay that within the number of days they say, you will incur no more interest. Alternatively pay a bill in full, spend no more then pay the next bill in full & you'll owe no more.