Interest On MBNA Credit Card

Hey

I'm livid...
I cleared my balance finally at the end of April after getting a loan from the credit union, then to my shock today i checked online and my statement had printed last night and there was interest charged even though i am in credit!!!

I rang MBNA this morning and said to them i still have the terms & conditions that i signed up for saying "to avoid interest being charged to your account simply clear your balance in full before your due date" i done this and yet interest was charged..
the explaination i got was " we charged interest from the day your last statement printed until we received your payment" (my payment was received on the 30.04.08 and my statement prints on the 20th of every month) so was charged interest from 20.04 to when pymt was received on the 30.04..

Any opinion's on this please.......Thanks

The statement of 20th April must have had a payment due date. What was it? Are you sure that the interest charges were not incurred in previous months?

Hi AngryGirl,
If I'm reading your post correctly..You would normally be charged interest if it was a balance carried over (ie not paid) from previous months as far as I am aware: ie if it was a balance from your April transactions, and you paid in full by your due date, you wouldn't have paid interest on that, but if it was a balance carried from eg Feb, you would be charged interest until the date it was finally paid off. So maybe it was interest on a carried over balance that you were charged for. Is this the case?
By the way, why is your credit card in credit?
Regards
Nicola

The statement that printed on the 20.04 had a payment due date of the 18.05, the full balance was cleared by 30.04

When i got the loan i lodged it all into the card to clear the balance and my OH had also transfered his half of our holiday onto my card too which put it into credit.. I have been charged cash advance fee while my account is in credit too...

I am cutting up this card and having nothing to do with MBNA again, they are way to overpriced for everything

But was some of that balance carried over from previous months, or were all the transactions new ones? If the first, you should have been charged interest, if the second, it is an error
Nicola

The balance was carried over from a few months..
I used to work with another big credit card company and once the balance has been cleared in full by the payment due date there is no interest charged at all..
I still have the T&C stating this too..
Has this recently changed??

Hi,
I don't know if they have, but if it was a balance in arrears, you would normally have to pay interest (like a loan, you pay interest until the day it's cleared in full).
By the by, I cancelled my MBNA card too, in December, paid the government tax on it for 2007/08, and got 2 letters confirming account cancelled (I requested them as having things in writing make it much easier to sort out problems afterwards..as occurred in fact). Then yesterday I got another bill, with more government tax for 2008/09. (which itself is even wrong, as that tax is paid in arrears, not in advance).Grr!!
Maybe phone them back to double check if you're still not happy?

Nicola

Angrygirl said:

The balance was carried over from a few months..

Click to expand...

Sounds to me like the interest accrued over those months so.