Credit card customers who think they have paid off their debts in full are being hit by 'trailing interest'.
According to the Guardian, credit companies charge interest on any negative balance left over from the previous month, meaning that those who believe they have completed payments may be expected to pay a final fee.
Some firms also have a minimum amount for this - fees for Egg are topped up to 50p while MBNA and Barclays customers can expect at least a £1 charge.
Egg credit card holders may also have to pay up to 18 days' interest after the date when they believe they had paid up in full.
A spokeswoman for the internet bank told the newspaper: "Interest is charged on the outstanding balance between our issuing the statement and the payment being made. We request payment via your direct debit 14 days after the statement date."
Credit card holders were also recently warned of the charges faced when making transactions abroad by the Association of British Travel Agents via a guide published on the internet .
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Credit card owners affected by trailing interest
Wed, 17 Jun 2009
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