Credit Cards

[Greedo]

Do any of you work in this area?

I've not used a certain credit card for about a year.

The last time I used it I paid the balance the day the statement came in. For easiness I just paid the sum to the nearest £10.

This sent my account into credit by £5.61.

Now every other bill I have had sent since basically just states that there is no payment required. It lists my credit limit and then says I have X amount to spend but there is obviously the extra £5.61. This £5.61 never goes up though.

My question is should that £5.61 be earning interest for me and should that amount be going up or are they entitled to not?

Just wondering as if I was £5.61 in the red, then that amount would be increased. Hardly a big deal but was just wondering when the latest statement came in yesterday

 

[ChrisKH]

It's not an interest earning account, it has just been overpaid, or paid in advance by £5.61. Why should you earn interest on it?

 

[Greedo]

Was just wondering. That was all

It's not an interest earning account, it has just been overpaid, or paid in advance by £5.61. Why should you earn interest on it?

 

[Cycling Naturalist]

Get one of the new Labour Party credit cards. The wealthier you are, the less the interest rate.

 

[Mr Pig]

Why should you earn interest on it?

Scottish...

 

[vernon]

My question is should that £5.61 be earning interest for me and should that amount be going up or are they entitled to not?

Just wondering as if I was £5.61 in the red, then that amount would be increased. Hardly a big deal but was just wondering when the latest statement came in yesterday

Hah, my Scottish card is overpaid by around £44. No interest paid suppose I've lost a quid or two in the past few months. I'd have used the card to spend the surplus if I hadn't cut it up.

S'ppose I ought to ring them.

There's no point in expecting interest. Credit cards do not pay interest, the only charge interest.

 

[Arch]

Why overpay? What payment method do you use where rounding up to a tenner is easier?

Money to burn by the sound of it....

 

[Willow]

Interest on £5 would be much anyway

 

[ChrisKH]

Scottish...

Oh Ok. I bow to your superior knowledge then.

 

[Mr Pig]

No, he's Scottish, which is why he expects to earn money on everything.

 

[sam1995]

im just wondering...

why does it matter if your scottish?



also what gives them the rights to charge intrest but not give?????

 

[Arch]

im just wondering...

why does it matter if your scottish?

Stereotype - Scots are thought to be mean and penny pinching (of course they are no more than any other nation really)

also what gives them the rights to charge intrest but not give?????

Ah, you're young, you'll learn.

They're banks and that's the way it works. If you want interest, you put your money in a savings account, not on your credit card. Credit cards are a service they offer, and charge you for the privilege (if you choose not to pay off every month, as I do).

You wouldn't walk into a shop and expect them to give you money, would you?