credit card - made a massive error, help needed asap

trinidadone · 30 September 2018 at 12:04AM

hello all,

I took out a credit card a few months ago, and decided to look at the online statements this evening, i have discovered i have been hit with interest.

I currently have a min interest DD in place, so was confused. I thought i had a min promotional offer on balances on my card, but i dont, instead i have a promotional balance transfer on my card instead.

There is £3400 on the card, and I currently owe £1125.00

The charges i have been hit with are:

£0.03 3rd July

£4.64 2nd August

£11.81 3rd September

not huge amounts but really concerned on my credit rating.

I can pay the entire balance off.

contact the card company? pay in full asap? help needed. should i ask for the interest charges to be refunded, or no hell of a chance? I just need to know what course of action to take, esp as the 3rd October is soon apon us.

Thanks in advance

Ben8282 · 30 September 2018 at 1:59AM

To avoid further interest repay the card in full ASAP.
I can see no grounds for them to refund the interest you have paid.

molerat · 30 September 2018 at 9:01AM

I assume you mean you think you had a 0% purchases offer and instead it was a 0% BT offer card. The minimum payment marker will have little effect on your credit file over such a short period, it is only over a longer term that it has a negative effect, it will simply be looked on as short term borrowing.

Not good that it has taken you 3 months to find this out In future check your statement every month, you never know when something strange may pop up.

Dobbibill · 30 September 2018 at 9:06AM

I agree with others - pay off ASAP.

Expect a small amount of trailing interest on the following statement too. (statements need to be paid in full twice to return to no interest when paid in full)

chattychappy · 30 September 2018 at 9:35AM

I wish the "massive" errors of my life had only cost me £16.48.

Paying some interest isn't a problem re your credit history. Paying minimums can be.

Whether on a promo deal or not, it is best to pay more than the minimum, even if just £1 more. This is easy for me, I pay manually anyway. If paying DD then check how manual payments interact with the DD.

You simply MUST check your statements, even on dormant accounts. Errors do happen (eg promo offers not being set up properly, DDs not happening) and any account is open to fraud.

Nebulous2 · 30 September 2018 at 9:36AM

Was it all purchases, or was there a balance transfer there as well?

You may only need to pay off the purchases to stop the interest.

And don't worry. It isn't likely to have much impact at all.

onlyfoolsandparking · 30 September 2018 at 10:33AM

trinidadone wrote: »

hello all,

I took out a credit card a few months ago, and decided to look at the online statements this evening, i have discovered i have been hit with interest.

I currently have a min interest DD in place, so was confused. I thought i had a min promotional offer on balances on my card, but i dont, instead i have a promotional balance transfer on my card instead.

There is £3400 on the card, and I currently owe £1125.00

The charges i have been hit with are:

£0.03 3rd July

£4.64 2nd August

£11.81 3rd September

not huge amounts but really concerned on my credit rating.

I can pay the entire balance off.

contact the card company? pay in full asap? help needed. should i ask for the interest charges to be refunded, or no hell of a chance? I just need to know what course of action to take, esp as the 3rd October is soon apon us.

Thanks in advance

I wouldn't call that a massive error, help needed asap!!!

Just pay as much as you can each month, more important things to worry about I'm sure!

trinidadone · 30 September 2018 at 1:26PM

Just telephoned the credit card company, I had taken out the credit card last year, and had a interest free payments until may this year, I only started using the card not long ago.

First time i have actually paid interest on a CC. I could not pay the balance off on the phone, as the card company have a restriction on the amount you can pay. I have just logged onto my online CC account, and paid in full. I have also closed the account.

I have cancelled the min payment DD and I will need to pay the interest again (£13.00 roughly). Thanks for all of the advise.

I have other cards, so I will need to check the interest free dates for purchases, which are next year.

Thanks again all

[Deleted User] · 30 September 2018 at 2:26PM

Why close the account?

onlyfoolsandparking · 30 September 2018 at 2:31PM

!!! wrote: »

Why close the account?

Agree, you might get another good deal by paying off in full to use at a later date

credit card - made a massive error, help needed asap

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