Is my credit card company fleecing me, or is this normal?!

[Baystard]

Marks and Spencer bank charged me alot of interest this month because, although I have a DD set up for the minimum amount and paid the remaining balance literally 3 days after the due date, they've charged interest from the purchase date, rather than the end of the month.

E.g. I if I bought something on 1 September and paid it off on 10th October there is no interest. If I pay it on 14th October instead I am charge interest from 1 September.

Is this normal or a peculiarity of M&S? I could understand if I was late in making the minimum payment, but it goes out by DD.

If this isn't normal I'd really like suggestions of a better provider please!

It's normal. You were late paying, so you lose the perk of 0% if you pay before the due date.

Normal.

You only get the interest free period if you clear the balance on the due date.

I'm sure it's completely normal. You get an interest free period and don't pay interest whenever you pay during that time. If you miss the deadline, it's all bets off and you don't get any interest free period.

But you paid late?

Adjust the date of your dd not to be late.

Completely normal.

Yep, as already said, pretty standard. You get the interest free perk as long as the balance is paid off completely by the due date.

Totally normal!

It’s normal. Read the t&cs. It’s really clear

Completely normal.

You have an interest-free period for purchases - if you settle the outstanding balance on or before the due date you are charged no interest.

If you make only the minimum payment on the due date, you are charged interest on the whole amount.

How do you think credit cards make money, after all?

Normal! All credit cards work like this.

So say your balance is £1000 and you pay £950 before the due date you still get charged the full interest on the £1000 even tho you’ve only carried £50 of the balance to the next statement?

That’s a question for anybody that knows the answer.

@LittleBirdy1

So say your balance is £1000 and you pay £950 before the due date you still get charged the full interest on the £1000 even tho you’ve only carried £50 of the balance to the next statement?

Yes. You will be charged interest on the £1000 from the date of purchase until when you paid it off, unless you pay it in full before the due date.

Thank you, I never knew that. 99% of the time I pay it off in full but this month I forgot the 53p. I paid £1347 instead of £1347.53 so now looks like I will have a hefty bit of interest added next month ☹️