Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@. Skimlinks & other affiliated links are turned on

    • alkaty87
    • By alkaty87 10th Oct 16, 4:34 PM
    • 3Posts
    • 1Thanks
    statement balance and interest
    • #1
    • 10th Oct 16, 4:34 PM
    statement balance and interest 10th Oct 16 at 4:34 PM
    Hello to everyone.
    Bit of advive.
    I have a lloyds credit card, my 6th of september statement had a statement balance of 519.58, on the 19th of september i used the card for 60.02 of petrol.
    My payment due date was oct 3rd.
    On sept 30th lloyds received a payment of 579.60 which was the current balace showing on my online account.
    I have just received my october statement and it shows a statement balance of 6.62 which is interest.
    I have just been on the phone to query this and the advisor is adamant that this is correct and says the interest is from the previous month ie august, i cannot understand this at all as i understood that if you pay the statement balance in full ie 519.58 you would not pay any interest.
    Hope someone can help.
Page 1
    • zx81
    • By zx81 10th Oct 16, 4:41 PM
    • 16,813 Posts
    • 17,818 Thanks
    • #2
    • 10th Oct 16, 4:41 PM
    • #2
    • 10th Oct 16, 4:41 PM
    Did you pay the previous statement in full? I assume not.

    If not, you will need to pay two consecutive statements in full to get back to having interest waived.
    • alkaty87
    • By alkaty87 10th Oct 16, 4:58 PM
    • 3 Posts
    • 1 Thanks
    • #3
    • 10th Oct 16, 4:58 PM
    • #3
    • 10th Oct 16, 4:58 PM
    Thankyou for your speedy reply, no i didnt pay off the full balance at the end of aug, i thought the interest showing on my sept statement was for that month, oh well i suppose you learn something everyday thanks again.
    • 20aday
    • By 20aday 10th Oct 16, 5:48 PM
    • 2,192 Posts
    • 910 Thanks
    • #4
    • 10th Oct 16, 5:48 PM
    • #4
    • 10th Oct 16, 5:48 PM
    I've a Choice Rewards credit card myself.

    In the top left hand corner of the PDF statement in Online Banking it says "Next month's interest"; what does it say on your July and August statements?

    I've also found this further down:

    We calculate interest daily based on the total amount you owe. We add together all the daily interest amounts in each statement period and add the total to your balance on your statement date. The sooner you make your payments, even before the payment due date, the less interest you will pay. There are some exceptions to these interest rules. Details are available within your terms and conditions.

    Hope that helps?
    It's not your credit score that counts, it's your credit history. Any replies are my own personal opinion and not a representation of my employer.
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

6Posts Today

3,670Users online

Martin's Twitter
  • It's the start of mini MSE's half term. In order to be the best daddy possible, Im stopping work and going off line?

  • RT @shellsince1982: @MartinSLewis thanx to your email I have just saved myself £222 by taking a SIM only deal for £7.50 a month and keeping?

  • Today's Friday twitter poll: An important question, building on yesterday's important discussions: Which is the best bit of the pizza...

  • Follow Martin