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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

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Original poster

Interest in a CC when 0% ends

20 replies

Raaarrrrrrrr · 27/10/2020 19:37

Hey.

I hope you don't mind me asking here. Just want to ask the hive mind. We are in a situation where the 0% period ended on a credit card and it wasn't spotted and the interest payments have been BIG. I don't want to go into the whys and how's. Just know that I'm totally gutted and trying not to be ridiculously cross about this. Is there any way of getting this money back? I'm guessing not, but wondered if there'd been any 'money-saving' advice on this? Please be gentle.

Thanks.

OP posts:

Dinosauraddict · 27/10/2020 19:43

Unless you were not informed/misled about when the interest free period would come to an end, then no I don't see how there would be any way to get your money back. Chalk it up to experience, pay off the card and don't use a company with extortionate rates. (Don't mean that harshly, just the only advice I can give you.)

NewPapaGuinea · 27/10/2020 19:48

Switch to another 0% asap, but ideally you do that before the period ends

PurpleFlower1983 · 27/10/2020 19:54

No way of getting it back unless it was not clear that there was a promotional period. Best thing to do it switch to another card.

keepgoingorstop · 27/10/2020 19:55

No of course not, but switch to an alternative 0% credit card. Not wanting to go into the whys or wherefores indicates it's your error. CC companies won't refund if it's your error.

Original poster

Raaarrrrrrrr · 27/10/2020 20:04

Actually @keepgoingorstop it wasn't my error. My error was not just doing everything myself and trusting that someone else had everything in control. I HATE hate HATE wasting family money and that's basically what's happened. Apparently no letter reminding of the end of the 0% period.

Now, how do you chalk things like this up to experience and 'let it go'?????!!!!! 😬

Thanks folks.

OP posts:

Oysterbabe · 27/10/2020 20:10

They were never going to flag the end of the 0% period as what has happened is exactly what they want to happen.

TulisaIsBrill · 27/10/2020 20:11

You set a reminder to do it next time and forget about it.

0% cards and balance transfers are wonderful things but if you forget that you're playing a game of interest rate arbitrage, then the other side wins.

Get your own back by transferring to another 0% card as soon as possible, or paying it off in full.

TulisaIsBrill · 27/10/2020 20:14

Or if you think there's the slightest chance you or your partner will forget next time, play the game differenrtly. Just set a standing order for payment that pays off the entire balance over the interest free period, rather than having to remember to clear it at the end. Not as good as continuously surfing the debt perhaps, but a lot safer.

BarbaraofSeville · 27/10/2020 20:15

The information is very clear on the statement, when the offer period ends, the expected interest charge each month and then the ongoing charge. It's impossible to miss if you actually look at your statement.

If someone else has not been arsed to do this, can they pay the interest out of personal spending money not family money?

Scarlettpixie · 27/10/2020 20:16

Swop to another 0% asap. Have a look on MSE website for best deals. Only way you can stop this happening is to get involved with the finances and put key dates on the calendar.

I don’t think you have any chance of getting the money back and so far as I know they have no obligation to remind you when the 0% expires. Why would they want to - interest is how they make their money. They make nothing from you if you play the system and swop before the deadline,

keepgoingorstop · 27/10/2020 20:29

@Raaarrrrrrrr was it your card?

keepgoingorstop · 27/10/2020 20:30

@Oysterbabe they always flag up the end of 0% time actually

TheScreamingLady · 27/10/2020 20:49

they always flag up the end of 0% time actually

I have never been notified of the end of 0% and I’ve been transferring this way for years (sadly). You have to set your own reminder. You won’t get it back as they’ve done nothing wrong.

Punkpumpkin · 27/10/2020 20:55

I find the statements are usually very clear on when the 0% ends. At the least a statement will always tell you the estimated interest if only minimum payment made so you should be able to spot it there.

Sorry this happened, really frustrating but I doubt you’d have any grounds for getting interest back. Best thing is just to pay off ASAP

Punkpumpkin · 27/10/2020 20:55

Whereas @TheScreamingLady I have always been notified.

keepgoingorstop · 27/10/2020 20:57

@TheScreamingLady example attached!

CheesyMother · 27/10/2020 21:10

Most credit card companies won’t specifically flag up the end of an interest free period, but the interest that would be charged once it ended should have been shown on the relevant statement...

Keha · 27/10/2020 21:13

I got an email and text alerting me to the fact the promotional rare was changing, so some do tell you.

TheScreamingLady · 27/10/2020 21:16

I guess I’ve never used one which did notify beforehand. It’s very nice of them to do that!

safariboot · 27/10/2020 21:27

Did the interest free period end on the planned date, or did it end early for some reason? If it's the former then provided your credit card statements had the correct information I think you'll get nowhere. If the latter then it's possible you've been treated unfairly.

For example if the credit card company failed to take a direct debit payment due to their own error, it would be unfair for them to penalise you for the missed payment.

You say you were "trusting that someone else had everything in control". If this was a professional or someone you had a legal agreement with, you may have some comeback.

How long ago did the period end? The interest for one month on a credit card is usually about 2% of the debt. Unless the debt's very large, not a huge amount. And after one month you would have noticed it on your statement if you checked.

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