Visa account

[hempsall]

My visa bill came the other day and it said that if i was to pay the minimum payment required i had til the 29th of June but if i was to pay in full i only had til the 16th of June. Can anyone explain this? I asked at the bank but they didn't know why. It seems unfair to the ones,like me, who pay in full.

[CheekyChops]

The 16th June is probably the date that the interest starts accruing. There would be nothing to stop you paying the bill in full on 29th June but then next month you would find that you had been charged interest for the period 16th-28th June.

It doesn't matter so much to those only paying the mimimum as they will be paying interest anyway.

[hempsall]

oh i see. it doesn't seem too bad when you look at it like that. thanks very much for enlightening me.

[dzug]

I fear cheekychops may be wrong - check your T&C which may have been updated.

The most likely reason is twofold:

to reduce the cost of lending you money if you pay in full

to maximise the interest they charge you if you don't

[rugeleyboy]

i agree with cheeky chops!