CreditCards Blog

Hi,

i thought i'd already posted this but i can't find it!

I've got an issue with a charge AMEX have put onto my account, and was hoping someone may be able to tell me if it is normal?

statement for 29th Aug-28th Sept:
opening balance: 3351
Payment: 1600
Spent 1549.20
Interest 63.43
closing balance: 3363.63

that's all fine

My issue is with statement for 29th Sept - 28th Oct:

13th Oct - payment of 3363.63 (total balance!)
28th Oct - interest charge 22.49.

I've spoken to them about it and been told that the interst is accrued on the amount that was not cleared the previous month. So it is correct from their point and that any other credit card would be them same. Is this correct? I was under the impression that at the point you pay the total balance on time, the account shoud be clear?

Could anyone tell me if i am correct, or should i just pay up and stop whineing!?!

Any help appreciated.

Yes - it's called trailing interest and is normal
You need a zero balance for 2 clear months then it will drop to zero

It's the interest from the statement to pay in full date :)

Exactly, this is the interest you accrued between 28 Sep and 13 oct.