Interest on my credit card

  • peridot89's Avatar
    Hello, I have started to use my credit card more often than usual and just wondered if someone can tell me a bit more about how the interest charges work? I am currently paying off my credit card balance weekly and as of yet have not seen any interest charges, but I am worried that unexpected interest charges will appear later on. I am worried that I will be charged interest on balances that have since been paid and not just the balance on my account. Is there a particular date each month that interest will apply on the current balance on my credit card? If so, could someone please tell me which date this is, so I can try to ensure that the balance is paid off in full before this date to avoid any interest being charged at all. Thank you in advance.
  • 5 Replies

  • MargaretC's Avatar
    Employee
    Hi 

    Welcome to "The Community"

    If you have any interest free offers then you would not receive any interest until the offers expire. If you are paying the credit card statement in full every month by the payment due date, then you would not be charged interest. Anything that you have already paid would not incur interest charges.

    Hope this helps,

    Thanks - Margaret
  • peridot89's Avatar
    Hi Margaret, Thank you for your reply. How do I know when the payment due date is? Do I get 30 days to pay from the date of each transaction? I'm not entirely sure how it works.
  • MargaretC's Avatar
    Employee
    


    Hi,

    The payment due date is not calculated from the date you make the transaction. It would be best to have a look at your statement, it tells you the date the statement is issued and also the date that the payment is due.


    Margaret - Customer Care
  • peridot89's Avatar
    Hi Margaret, Thank you. I have looked at my latest statement which is dated 18th June - 18th July. Looking back at previous statements I can see that it is usually around 7th of the month that payment is due if there is an outstanding balance on the statement. Just one last thing for you to confirm for me please. Are transactions that are made between 19th July - 17th August going to appear on my 18th August statement if not paid for before then? So any transactions that I make between now and 6th August will not be charged interest on my 18th July statement?
  • StevenH's Avatar
    Employee
    Hi,

    As this depends on your individual circumstances, it would be best for you to speak to us about this by calling our customer service team on 0345 300 4278. We'll be able to give you a better idea of how your interest is calculated and how this is likely to impact the payments due on you upcoming statements.

    Hope this helps

    Steven