Please can someone tell me if I have interpreted the reward scheme correctly?
In year one OVO will pay 3% of the amount in credit up to a maximum of 3% of £1000. i.e. £30. Is this correct? (If it is it means OVO are paying a lot more interest than the high street banks)
Best answer by Anonymous
Not quite. The interest reward is calculated on the balance brought forward for your last statement.
Interest reward = number of days in the bill period ÷ 365 x 3% x balance brought forward.
This means that changing your Direct Debit date wouldn't have an affect on how it's calculated.
Hope this helps,