blackydog 40 #1 Posted May 23, 2017 I usually pay my CC bill in full each month, but am prone to the odd lapse. Last year I forgot to pay by the due date, and got stung, but fair enough my fault. This month i read the wrong months statement and paid £57 short. Anyway checking my bill i saw £54 interest, so gave them a call. Apparently, and I had no idea, maybe naively, that if you pay just a penny less than the FULL amount each month, you get charged interest on the whole amount for that month. Feeling a bit aggrieved i insisted on speaking with a manager, but met quite some resistance although got there in the end. Manager immediately offered to drop the full interest charge although i said I was happy to pay interest on the £57 i paid short. Not saying the CC company did anything wrong (it's in the small print which they were quick to point out) but I can see now how CC debt can escalate, and people get in bother, be warned. Share this post Link to post Share on other sites Share this content via...
cgksheff 44 #2 Posted May 23, 2017 ... and now you know! You may also see interest on subsequent months as well. Share this post Link to post Share on other sites Share this content via...
blackydog 40 #3 Posted May 23, 2017 ... and now you know! You may also see interest on subsequent months as well. Yes. Suspected I may not be the only one who didn't know so put it out there. Share this post Link to post Share on other sites Share this content via...
Puggie 10 #4 Posted May 23, 2017 Setup a direct debit so it can't happen again? Share this post Link to post Share on other sites Share this content via...
martin6 10 #5 Posted May 24, 2017 I'm pretty sure they did this when ofcom or whoever told the banks they could only charge £12 for late payments etc. They also veremently charge you the £12 as soon as you are one second late! Before this it was discretionary. So reduced charges a win for the consumer? Share this post Link to post Share on other sites Share this content via...