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Interest is charged if you have no promotional rates on your account, or if that rate has come to an end. Remember, you'll lose any promotional rates you have if you miss a payment or you're late making your minimum payment.
Here are a few things to check if you’ve recently been charged interest:
Has your promotional rate ended?
Once a promotional rate period has ended, interest will be charged at the current standard interest rate. This interest rate is applied to your outstanding balance and any new transactions you make. You can see your promotional rate information on the 'Your interest explained' section of your statement. There you'll find the amount you owe which has a promotional rate and the date it will expire. For more about how to see when your promotional rate will end, check out our guide.
Have you missed a payment or paid late?
If we don't receive the minimum payment when it is due, you'll lose any promotional rates you have with effect from the start of your next statement period. This includes if you pay late or fail to make your payment all together. If a payment is returned, such as a cheque or Direct Debit, and you fail to make a payment using an alternative method, you'll lose any promotional rates you have.
When a promotional rate ends or is withdrawn, we charge the current standard interest rate that applies to that transaction. The Minimum Payment must reach your account after your statement date (the date it's issued) and by the payment date shown on your statement. To find our more about how to pay, including Direct Debits, check out our guide.
Have you used your card to make a transaction?
If you've been using your card and you pay less than the full balance outstanding each month, interest will be applied for the period between the statement date and the payment date, and added to the next month's balance on which interest is charged. Your statement will show transactions and any payments made in the month. To find out how to view your statement, check out our guide.
If you'd like to know more about the Terms of your credit card, check out Credit Card Terms for more details.