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 Initial purchase not paid on CC, what happens now?? |
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 13/01/2013, 09:47 PM
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#1
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Posts: 1,364
Joined: 23-April 08
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My DD took out a cc with an interest free period of 12 or 18 months (she cant remember) for a purchase amount of $663. However rather than paying that off she has made more purchases and now owes $5k on the card.
Can someone tell me what happens with the unpaid interest free purchase and roughly how much the interest would be when it it hits the card? How does the card company recognise that amount being paid? For example if I paid the $663 then would the interest be avoided or does the entire amount need to be paid? Please help, I am totally lost as I have never had a cc and she has a mental health condition and is just sticking her head in the sand. |
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13/01/2013, 10:06 PM
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#2
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Posts: 5,139
Joined: 11-October 06
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Generally, payments are applied to the most recent purchases first, so you'd need to pay off the whole amount to cover the original purchase. The interest rate could be over 20% - your best bet is to have a look if the interest rate is showing on a statement, or call the CC company. Is she being charged interest on the new purchases? How long has she had the card?
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13/01/2013, 10:12 PM
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#3
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Posts: 1,364
Joined: 23-April 08
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this is what is saying on the home screen message
"Just a reminder that your interest free period is due to expire soon on one of your purchases. To avoid paying unnecessary interest, make sure you pay the outstanding amount by your due date. To view the full details of your promotion go to Transactions, located under My Account. OR If you plan to pay your purchase off over time, check your statement for the minimum monthly payments due. |
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13/01/2013, 10:14 PM
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#4
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Posts: 2,370
Joined: 8-October 10
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have pm'ed you YMC
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13/01/2013, 10:15 PM
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#5
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Posts: 1,364
Joined: 23-April 08
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in the statement it does mention 'billed finance changes' what does that mean?
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13/01/2013, 10:15 PM
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#6
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Posts: 485
Joined: 12-May 12
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generally its last purchase first however some you can call to make a payment to a particular interest free purchase so it pay to call to see if this can be done
all the best 
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13/01/2013, 10:18 PM
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#7
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Posts: 1,364
Joined: 23-April 08
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dogged - got your pm but am panicking for her!
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13/01/2013, 10:20 PM
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#8
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Posts: 1,158
Joined: 28-December 03
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May I ask which company?
I can help with one, but not others. Some other people my well be the same. |
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13/01/2013, 10:22 PM
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#9
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Posts: 874
Joined: 20-May 05
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When the interest free period is over, if the entire amount owning on the card is not paid then your DD will pay the same interest rate on the initial purchase that the rest of the purchases are subject to,
interest free terms are designed to suck you in to doing just what your DD has done she could now be paying as high as 25% interest on that 5k, which compounds each month and sometimes they have daily calculations |
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13/01/2013, 10:43 PM
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#10
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Posts: 1,364
Joined: 23-April 08
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it is through Gomastercard
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