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  1. #1

    Trailing Interest

    To all those in the fortunate position of being able to pay off their credit card debt in a lump sum, be aware of something described as TRAILING INTEREST. When you go online and see a balance, the credit card companies are adding daily interest and the balance shown is for the last statement, not the current up to date amount. I thought I had paid my balances off to then find late payment charges etc added to interest from the previous statement. ..... Very cheeky of the companies not to let you know. However I complained in the strongest terms and they cancelled the trailing interest etc.

  2. #2
    The companies do let you know if you bother to read and understand the T&Cs of the account. It is something that is continually brought up on this board but people still choose to ignore it.

  3. #3
    Very foolish of you not to think it through logically. If it was an overdraft attracting interest they'd still be charging you daily until payment is made. Why not in a credit card?

    Oh, they do let you know. It is in the terms and conditions.

    Hang around. You'll learn more on these forums. You're not the first to make the trailing interest assumption. But it's not the fault of your card company.

  4. #4
    Asking politely also works.

  5. #5
    Easiest way of thinking of it is that interest is always charged, but is cancelled if you pay in full.

    If you don't pay in full then interest is charged from the date of purchase or transaction until the amount is paid, fairly simple really.


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