on 11-11-2016 12:20 PM
The FAQ page for Credit Card Interest is currently this:
To take advantage of the interest free period on purchases, you will need to pay your total statement balance in full (including any cash or balance transfer balances) by the Payment Due Date. Any outstanding balance at the Payment Due Date will be charged interest from the date that the purchase was made.
I have bolded the line above that I belive to be severly misleading.
By using the words 'any outstanding balance' you infer that if a portion of the balance is paid, then that protion is no longer outstanding. Therefore 'Any outstanding balance at the Payment Due Date will be charge interest...' means any balance not outstanding (paid before the due date) should NOT be charged interest. Which is not the case.
It would be better worded to say 'IF there is ANY outstanding balance at the Payment Due Date, you will be charged interest on the entire opening balance from the purchase date.
There is also zero material (or at least easily found) that explains interest fees and charges in lamens terms for an every day user.
on 15-11-2016 10:11 AM