B
BrianF
Guest
A word of warning : Ulster Bank have recently changed their terms and conditions on their credit cards such that they now charge "residual interest". This means that if you don't pay by your due date, you're get charged for interest not just the following month, but also in the month after that as the interest keeps on accruing right up to the date you settle your bill.
This was a new concept (or scam?) to me. Here's a definition I found :
"Trailing interest, sometimes called final or residual interest, is a method of calculation whereby interest is charged right up until the day of a full payment. Cardholders of banks that use this method receive a bill with the balance owing and interest accrued and pay it off in full. On the next statement they are billed a "final" amount of interest even if no purchases or cash advances have been debited since. The reason for this is that interest continues to accrue from the time of the close of the previous statement until the day the payment for that statement is actually received".
Does anyone know if this is common among other credit cards, or are Ulster Bank unusual in this ?
I would change my credit card if I knew this was not done elsewhere (although UB do offer a 40 euro loyalty bonus if annual spend is > 5000 euro)
This was a new concept (or scam?) to me. Here's a definition I found :
"Trailing interest, sometimes called final or residual interest, is a method of calculation whereby interest is charged right up until the day of a full payment. Cardholders of banks that use this method receive a bill with the balance owing and interest accrued and pay it off in full. On the next statement they are billed a "final" amount of interest even if no purchases or cash advances have been debited since. The reason for this is that interest continues to accrue from the time of the close of the previous statement until the day the payment for that statement is actually received".
Does anyone know if this is common among other credit cards, or are Ulster Bank unusual in this ?
I would change my credit card if I knew this was not done elsewhere (although UB do offer a 40 euro loyalty bonus if annual spend is > 5000 euro)