ACCUCARD INTEREST RIP-OFF
ARB78
Posts: 6 Forumite
in Credit cards
My partner has always paid his Accucard card in full every month for the past two years. Last month he had a £1000 balance and decided to pay only £800 and carry forward £200 for next month.
When his next statement arrived he found out he had been charged interest on the full £1000 for the full month despite knocking off nearly £800 by the due date. He wrote to Accucard but was told if you don't clear your balance in full each month, you will get charged for the full balance each month not just what it's left after your due date.
I have other credit cards that only charge you for the balance outstanding at the end of the month so I thought I'd warn others about how ACCUCARD works.
Or does somebody else know different and has my partner been taken for a ride?
When his next statement arrived he found out he had been charged interest on the full £1000 for the full month despite knocking off nearly £800 by the due date. He wrote to Accucard but was told if you don't clear your balance in full each month, you will get charged for the full balance each month not just what it's left after your due date.
I have other credit cards that only charge you for the balance outstanding at the end of the month so I thought I'd warn others about how ACCUCARD works.
Or does somebody else know different and has my partner been taken for a ride?
I say what I like, I like what I say!
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Comments
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Apparently it's common practice these days for most of the card companies.0
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I don't think he'll be carrying a balance again, that's for sure
I say what I like, I like what I say!0 -
Hi,
If you check the small print most card companies will back date interest to date of transaction if balance is not cleared in full.
Thats the way banks make their money, currently work for a well known bank and the banks have it covered in T&C's.
Regards
beatthebanksTreat everyday as your last one on earth! and one day you will be right.0 -
Back in the old days interest was charged from the statement day unless paid off in total before due date, but even then he would have been charged on the £800 until paid off, and on the £200 for the month.
Most companies changed things some years ago, so they started charging from tranasction date , again unless paid off in full.
Accucard is issued by LloydsTSB , and I assume nearly all cards work the same way.
I had my cashback from Accucard this month, very nice
although as they pay it directly off your account, you don't get the benefit of seeing a cheque come thro'Any posts on here are for information and discussion purposes only and shouldn't be seen as (financial) advice.0
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