Interest charge on Barclaycard

Have you called and asked then what it is for - particularly if you are paying off using DD?

Not yet, only noticed yesterday. Was going to phone on monday. I was hoping to get some more background on this before calling, and thought that other people who would have read their bill as soon as it arrives would know what was going on.

Cheers,

Ross-c

I saw the BBC report, checked mine and the due date hasn't changed and no interest. I pay off the balance every month.

Your's wasn't against a cash advance?

I did have a cash advance last month, but that was (I thought) paid off in full including interest charges and fees that will make me much more careful about bringing my debit card with me when I go shopping in the future. Once before I got an interest charge reversed in the current situation.

Retailer charges me twice for the same thing. Phone card company to complain, am told that the duplicate charge will be made good with a credit. In one month, card company takes direct debit for amount owed minus the duplicate charge. Next month credit is made for the duplicate charge. Interest charged on duplicate charge for the original month.

The interest, in that case, was refunded immediately with an apology when I phoned to ask what had happened.

It could be the £30 I took out for spending before christmas, but I was assuming that all charges and costs relating to that would have been in the bill I received at the end of December. Certainly there were costs and charges there.

Cheers,

Ross-c

The first thing to check is whether the direct debits were taken from your bank account before or after the due date shown on your Barclaycard statement. If they were taken before, then there should be no interest charged, assuming you haven't taken and cash advances on the card. If they were taken after then the question to ask Barclaycard is why were they late in taking the payment.

You'll need to be armed with this information so you can confront them with it if necessary when you call them.

Chris

wrote

The statement will only have shown interest due up to the statement date.

Presumably, you received the statement sometime after the statement date, and paid the balance sometime after that? The latest interest just charged will be for the period from the previous statement date upto the date you eventually paid that previous balance.

At 13:28:14 on 05/02/2006, snipped-for-privacy@wmin.ac.uk delighted uk.finance by announcing:

IIRC, the cash advance attracts interest from the date of transaction. You are then charged interest on the next statement, and then again on the following statement for some reason I can't quite remember.

There's the problem.

Because the balance is still outstanding at the statement date and for a few days / weeks after that until you pay the bill.

You could of course get an HSBC credit card, then although you pay a cash advance fee, there is the same interest free period on cash advances as there is on purchases....

Well one thing is certain. Next time I find myself in town with no cash and shopping to do, I'm not using the credit card to get cash from an ATM. I've probably paid about £4-5 just to borrow £30 pounds. Given that I only "borrowed" the money for four days (think my direct debit went out on the 27th), that's a doorstep lender scale interest rate!

Cheers,

Ross-c

wrote

How can that be? Did you withdraw the cash around 23 December?

The DD taken on 27 December would have been for the balance from the statement at end of November.

The cash withdrawn on 23 December would have been shown on the statement at the end of December, mostly paid from the DD on 27 January, with the last bit of interest paid in the DD on 27 February.