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  • FIRST POST
    • BartyBoy
    • By BartyBoy 11th Feb 18, 9:00 PM
    • 404Posts
    • 40Thanks
    BartyBoy
    Post Office Platinum Credit Card
    • #1
    • 11th Feb 18, 9:00 PM
    Post Office Platinum Credit Card 11th Feb 18 at 9:00 PM
    Hello all

    I have had a Post Office Platinum Credit Card since Jan 2010. In the past 7 years, I was told by the Post Office credit card people that once I have settled an outstanding balance in full, I would not be charged for any interest at all no matter how long the outstanding balance has been. I know it sounds like a fantasy but I have settled 5 different balances over the past 7 years, it was real and true that I wasn’t charged for any interest once the balances were settled in full. Those outstanding balances that I settled were all 3-4 months old. So it was not that I settled a one month old balance so I did not get charged for interest.

    Anyway, the reason I am writing this thread is to see if any other users of the Post Office Platinum Credit Card have also experienced the same - no interest was charged once an outstanding balance (older than 1 month) was settled in full.

    I hope my story above makes sense, if not, sorry for my poor explanation and please let me know, I will try to explain again properly...

    Many thanks
Page 1
    • Gary_Dexter
    • By Gary_Dexter 11th Feb 18, 11:45 PM
    • 1,124 Posts
    • 620 Thanks
    Gary_Dexter
    • #2
    • 11th Feb 18, 11:45 PM
    • #2
    • 11th Feb 18, 11:45 PM
    All cards work this way.

    Pay the full statement balance and you incur no interest.

    Pay between the minimum and full balance you incur interest
    • chattychappy
    • By chattychappy 12th Feb 18, 9:07 AM
    • 6,761 Posts
    • 3,656 Thanks
    chattychappy
    • #3
    • 12th Feb 18, 9:07 AM
    • #3
    • 12th Feb 18, 9:07 AM
    Cards generally have a provision that unless the statement balance is paid in full, interest will run on each transaction until paid off in full.

    This means if you pay each month in full, you won't get any interest.

    If you don't pay in full, you get interest. However later having not being paying in full, if you then pay a statement in full, you would expect to get further interest on the next statement - being interest from the statement date to when you paid it off.

    It is certainly true that some CCs don't seem to apply interest in these circumstances, even if the T+Cs allow them to. If the amount involved is small, then I can imagine they may think it's not worth the cost of handling queries and/or the loss of goodwill involved. Certainly it's worth retaining a customer who from time-to-time slips into paying standard rate interest.
    • pmartin86
    • By pmartin86 12th Feb 18, 10:37 AM
    • 520 Posts
    • 310 Thanks
    pmartin86
    • #4
    • 12th Feb 18, 10:37 AM
    • #4
    • 12th Feb 18, 10:37 AM
    Why would you think that you pay interest on a settled balance?
    • chattychappy
    • By chattychappy 12th Feb 18, 11:42 AM
    • 6,761 Posts
    • 3,656 Thanks
    chattychappy
    • #5
    • 12th Feb 18, 11:42 AM
    • #5
    • 12th Feb 18, 11:42 AM
    The OP wrote "no interest was charged once an outstanding balance (older than 1 month) was settled in full."

    Indeed I don't think anybody would accept further interest to accrue. But an interest charge might well appear on a later statement in respect of interest that had accrued prior to statement generation.

    If I understand the OP correctly, his experience is that interest is not charged to subsequent statements, ie any further interest that has accrued is written off.
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