April 4th, 2008


Minimum finance charge 50p

Addenda to the previous post:
  • Circumstantial evidence suggests it may have been a general friends cut rather than anything specific. I wasn't quite expecting the comments on that entry to focus on that bit of my post. I've unscreened those comments again now (apologies again to those involved).
  • Was that radinden I saw on the winning team of University Challenge — the Professionals earlier this week?

Anyway. On to today's poll.

One of your credit cards has had a medium-sized (but reducing) balance on it for a few months. They send you an e-statement saying the balance is, say, £94.50. A few days after this statement, you pay them £94.50. When the next e-statement arrives you discover you still owe them 50p because, just before they produced the statement, they added a charge.

How outrageous is that?

It's in the T&Cs, but you don't have to like it.
Nah, it's standard banking practice.


I have a credit card that does that too.
My credit card company wouldn't dream of it.
But the above is only a guess from reading the small print.
I don't have a credit card or have never been in this situation.
Come on, it's only 50p!

Oh, this is the same credit card company (again I don't know if they all do this) that can say such things as "Outstanding balance: £1500. If you only make a minimum payment by the due date then the estimated interest on your next statement is £75" despite that the monthly interest is 1.34% — because the interest for that huge thing that you bought last month and didn't quite pay off completely is being applied retrospectively together with this month's interest.