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MBNA Credit Card Interest charged

  • 21-02-2011 3:42pm
    #1
    racer1
    Closed Accounts Posts: 205 ✭✭


    I have an MBNA credit card for about 18 months. Last july i had to purchase an item for 5000 and i put it on credit card as i knew i woulfd be getting some cash in Jan that would cover it. Any way i got my statement in Jan for 5500 and i paid it off on 09 feb due date was feb 14.So i just got my feb statement and i seen interest charged on it. I rang them and they said it was interest accrued. I always thought when you cleared your balance by due date you didnt pay interest.


Comments

  • #2
    Random
    Closed Accounts Posts: 19,080 ✭✭✭✭Random


    you would have had interest building on it from july 2010 through to jan 2011. did you got get any statements in this time?


  • #3
    coylemj
    Registered Users, Registered Users 2 Posts: 25,620 ✭✭✭✭coylemj


    racer1 wrote: »
    I always thought when you cleared your balance by due date you didnt pay interest.

    That only applies to purchases made since the previous bill i.e. the new items shown on your last statement. If you were carrying a balance over from the previous billing period the interest would have continued to accrue on a daily basis, this means that paying off the balance on the statement would not clear the account. This applies to all credit cards.


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