Originally Posted by
chrisp_1927
I feel like a bit of a wally for not realising this sooner to be honest, but had a bit of a shock today. Got an American express card that I always pay in full every month, until this month. Bill of £1400, due on 8th July. Paid about £900 off through month and was then a day late paying off the final 500 odd. So to my thinking, that's 1 days interest payable on £500. Not the way they work evidently, because the balance wasn't paid in full, the monthly interest becomes due on the total balance of £1400. Aswell as the grace period on new purchases being lost so interest has been accruing straight away on everything I've bought since.
I feel absolutely bloody mugged off. What an absolute bunch of robbers they are. Really opened my eyes to how people could end up getting themselves into serious trouble with them