Hi,
Just thought I would mention this on the forum - in case someone else is in a similar situation. I've been using the same mastercard for the last 8yrs and I understand that interest gets charged from day one - unlike the Visa card where the customer is allowed a month to pay before interest is charged. For the last two years I've been paying my bill within two weeks of purchasing a product so there is no need for me to be on the Mastercard.
What I didnt realise is that the specific details concerning my card and the interest rate (14.5%...quoted to me from the bank advisor) is no longer used and that most cards operate around 8.5% to 9% interest however the bank has continued to charge me 14.5% all the time. The bank told me that this is what I signed up for 8yrs ago and it was up to me to be aware of new deals which are on offer.
Fair enough, I put my hands up to that as I just let the situation run...mea cupla! I have now requested a new card at 8.5% interest with nothing applying for the first month. My mail is to just to recommend to anyone who has been using the same credit card for years to maybe check the interest rate and see if there bank has a better deal on offer.
Just thought I would mention this on the forum - in case someone else is in a similar situation. I've been using the same mastercard for the last 8yrs and I understand that interest gets charged from day one - unlike the Visa card where the customer is allowed a month to pay before interest is charged. For the last two years I've been paying my bill within two weeks of purchasing a product so there is no need for me to be on the Mastercard.
What I didnt realise is that the specific details concerning my card and the interest rate (14.5%...quoted to me from the bank advisor) is no longer used and that most cards operate around 8.5% to 9% interest however the bank has continued to charge me 14.5% all the time. The bank told me that this is what I signed up for 8yrs ago and it was up to me to be aware of new deals which are on offer.
Fair enough, I put my hands up to that as I just let the situation run...mea cupla! I have now requested a new card at 8.5% interest with nothing applying for the first month. My mail is to just to recommend to anyone who has been using the same credit card for years to maybe check the interest rate and see if there bank has a better deal on offer.