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Why have I been charged interest in credit card purchases made in last week of the billing period?

Posted by MattMichael MattMichael
Message 1 of 4 501 Views

I was charged purchase interest on 02/02/17. On 02/02/17 the outstanding balance of my More Rewards Platinium card was for purchases made since 27/01/17. So it appears I have been charged interest on purchase made between 27/01/17 and 01/02/17. Is this the correct operation of the "interest free period", that purchases made in the last week of the billing period will accrue interest?

 

If this is the case then the "Interest free period" is extremely misrepresented as it is not "up to 44 days" in practice this would make it as few as 0 days interest free.

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Re: Why have I been charged interest in credit card purchases made in last week of the billing pe...

Posted by SarahF SarahF
Message 2 of 4 487 Views

Hi @MattMichael, thanks for contacting us in regards to this. I've confirmed with our team that as mentioned on our website, it is up to 44 days interest free on credit cards. This breaks down to 30 days of purchasing and 14 days to pay your statement balance in full. Providing your statement balance is paid in full by each due date, there will be no interest charged. If the account is not paid in full by the due date, interest will be calculated on each purchase from the date on which the transaction was debited from the account. You can view the details of our More Reward Credit card here.
 

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Re: Why have I been charged interest in credit card purchases made in last week of the billing pe...

[ Edited ]
Posted by MattMichael MattMichael
Message 3 of 4 459 Views

Yes, I understand that is the terms for the interest free period. How then can I receive a statement for the period of 05 January 2017 to 02 February 2017, with a payment date of the 16 February 2017 but have interest charged on the 02 February 2017? Unless the interest charged is delayed by two weeks from when you incur it? If this is the case then it is not transparent at all what you are being charged interest on, and would seemingly be designed to obfuscate what portion of your current balance will incur interest charges.

 

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Re: Why have I been charged interest in credit card purchases made in last week of the billing pe...

Posted by SarahF SarahF
Message 4 of 4 452 Views

Hi @MattMichael, I've checked with our team and it seems that if the interest is showing on that statement then that may be the interest for the past statement. Via the Forum I'm not able to identify you to view and go through this however if you log into online banking via a computer you can live chat with our team. Alternatively you can call us on 13 17 19 to discuss. Thanks!

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