Credit Card Interest

[HLaB]

Hi All,

You know how previously if you paid off your credit card before the end of the month there would be no interest. I've noticed with mine (in the last two months) has started charging me around 0.3 to 0.5% if I pay it off and the astronaumical rate if I don't (I aways do though). Is this common policy for all banks just now or is it time to shop around?

 

[swee'pea99]

Never heard of that. It's certainly a pisstake to just start doing it without warning you in advance. I'd definitely look around, especially if you've got a half=-decent credit rating. I get 1% cashback on mine, and tho' it doesn't sound much it does mean that once a year I get a pretty smile-inducing chunk o' cash knocked off my month's bill. And they certainly don't charge me if I pay it off every month.

 

[young Ed]

only a debit card my self but that doesn't sound normal banks make their money on loans and those who don't pay off their credit card bill not off good paying faithful customers
Cheers Ed

 

[Archie_tect]

I use a credit card to buy stuff for the practice and pay it off in full- no mention of charging + it earns a 'point' for every £1 spent every month... so far I haven't used them but I could fly to Barcelona apparently. How I get back is unclear... [*works out at about 1% of the spending or so, I think].

 

[Cold]

Could it be the interest accrued from the the statement date and the date you paid it I have a feeling this is what Barclays did when I had a card with thhem.

 

[snorri]

Have you withdrawn cash using your card?
'Phone the cc company for an explanation.......if you have the patience to listen to all the options before being permitted to speak to a human.

 

[cd365]

What credit card is it?

 

[annedonnelly]

Check out moneysavingexpert.com for advice on the best cashback deals. I've an Asda card and it pays real money each month - rather than points I'd never use.

 

[HLaB]

What credit card is it?

A Bank of Scotland Mastercard. Thats twice now after Ive paid off the balance, Ive been charged what seems to be 0.27% interest on my new transactions

 

[Spinney]

If you've paid off the whole balance before their cut-off date they shouldn't be charging you any interest at all. And if they have charged it incorrectly, you should have been able to get it back.

I have a couple of cards with the same people I bank with. I pay in full every month. A couple of months ago a payment did not go through and on my next bill I was charged interest and a £12 'admin fee'. I phoned, and pointed out I paid in full every month, I was running a current account with them that is always in credit etc etc, and that it may have been my fault the payment did not go through (although I thought I had paid it), but it could equally well have been some fault with their internet banking. If the interest and 'fee' were not refunded I would be taking my business elsewhere.

Money refunded within a couple of days...

 

[DCLane]

@HLaB - get a new credit card.

Mine have never charged me to pay it off in full - and I pay them off virtually every month.

 

[Paulus]

I pay off the balance of my CC every month by direct debit and as yet I have not been charged anything. (Nationwide B S). I would phone your CC company and explain the situation to them. If this is their normal policy from now on, change to a new bank.

 

[Jenkins]

A Bank of Scotland Mastercard.

Location:
That little part of Scotland known as Peterborough

https://www.cyclechat.net/misc/loca...little+part+of+Scotland+known+as+Peterborough
Foreign currency conversion fees?

 

[User33236]

I had a credit card charge me small amounts of interest even though it got paid off in full (was one of the MNBC linked cards IIRC) . I queried it with them and got told some incredibly convoluted story why that was correct. I cancelled that card pronto and moved elsewhere (they now pay me in the form of cashback).

 

[Slim]

There are loads of cards around where you pay 0% interest for anything up to 18 months (Santander is one). Let the balance rise each month (pay just the minimum). The money that you would have spent to clear the balance can then be invested. Just before the end of the interest free period pay off the balance from the invested money and spend the interest on pies or other drug of your choice.