Basic question regarding credit card interest

W99

My credit card bill is now paid off in full. However, if I purchase something today on the card for say £100, and then pay that £100 off tomorrow, will I still be charged interest on that £100 when the bill comes through at the end of the month?

Thanks.

Bossyboots

Can you say which card you have and whether you paid your account in full by the due date?

W99

It's a standard Visa card. The balance was paid off in full by the due date and if I pay off the £100 tomorrow, it'll be paid off again in plenty of time before the next due date. The fact that you mention this makes me think that as long as everything is cleared before the due date, no interest will be charged for that period, is that right?

Thanks.

reddevilled

On most cards - the ones which advertise up to 56 interest days free period - you will pay no interest if you pay off the due amount by the due date on your statement.

Some cards do start charging interest from the day you purchase something, my dad had an Ipswich town card which did :eek:

I personally would stick clear of any of those cards anyway.

Bossyboots

Who is the Visa card with. Tesco for instance have changed their T&C's so it is now slightly different to others.

The general rule of thumb though is that if you pay your card in full by the due date, no interest is payable on purchases. This means that even if you buy something today and pay in full by the due date on your next statement, no interest is payable on the purchase.

If you are good with your money and remembering to pay your card off, there is no reason to pay the £100 straightaway but keep it in your account until after your statement comes in.

Bossyboots

reddevilled wrote:

On most cards - the ones which advertise up to 56 interest days free period - you will pay no interest if you pay off the due amount by the due date on your statement.

Some cards do start charging interest from the day you purchase something, my dad had an Ipswich town card which did :eek:

I personally would stick clear of any of those cards anyway.

Tesco charge you interest from the date of purchase if you do not pay off your card in full by the due date. If you do pay your card off, there is no interest to pay. Also, if you pay interest in one month this continues to grow even after the statement has been sent out so you will end up paying interest the next month as well for the days in between. It used to be that if you paid the balance in full there was no interest payable the next month but that is changing from November.

Clariman

As others have said, you need to be more specific about which visa card it is i.e. the name of the issuer and the specific product. Most cards will not charge you interest if you pay it off in full before the due date on your bill, but a few charge interest from the date of the purchase e.g. the LTSB Advance card. Read the Ts & Cs on your card to check.

Clariman

Chadsman

W99 wrote:

My credit card bill is now paid off in full. However, if I purchase something today on the card for say £100, and then pay that £100 off tomorrow, will I still be charged interest on that £100 when the bill comes through at the end of the month?

Thanks.

Does the balance you have just cleared come from a cash advance and/or a BT and/or a CC cheque?

Robert_Sterling_3

Two suiggestions

1) Check the terms and conditions yourself.

or

2) Ask the card provider.