Interest Free Period

Ralphonline

Hi Everybody,

My Skycard statement was made up on the 21st of July, and I have to pay only purchase interest of £8.28 by 15th August.

I haven’t bought anything for months on this card, and made one big payment before the 15th of July which was the due by date, and the last couple of hundred pounds on the the 17th July which was just two days over the pay by date of the the 15th of July, actual statement date 21st July.

My question is now that I’m into my next statement period from today the 22nd July, will all purchases from today be Interest free, as long as I pay off the full balance by the due by dates from now on.

Thanks.

Best wishes,

Paul.

latecomer

If you pay the full balance each and every month then you will never pay any interest. If you pay the full balance this month there will be a small amount of residual interest next month (due to the interest being charged this month) and thereafter you will not pay interest.

Hope that helps.

Ralphonline

Thanks Latecomer,

I'm pretty new to this great site, I'm trying to clear all my cards, and just use my Skycard from now on, I should have them all cleared by the end of March hopefully.

I'm getting there one by one, highest interest first of course.

Thanks again mate.

Best wishes,

Paul.

latecomer wrote: »

If you pay the full balance each and every month then you will never pay any interest. If you pay the full balance this month there will be a small amount of residual interest next month (due to the interest being charged this month) and thereafter you will not pay interest.

Hope that helps.

nomoneytoday

To remain interest free a card has to be paid in full for 2 consecutives months

Ralphonline

Will all new purchases from today onwards be interest free if I pay all statements by the due date, apart from residual interest on the £8.28p.?

Best wishes,

Paul.

nomoneytoday wrote: »

To remain interest free a card has to be paid in full for 2 consecutives months

latecomer

I think they should be yes.

Ralphonline

Thanks again latecomer,

I hope so, I'm still learning.

Best wishes,

Paul.

latecomer wrote: »

I think they should be yes.

exel1966

If you pay the £8.28 by 15th august you will still pay residual interest (interest on interest) the following month and will keep paying it til you have a zero balance for two consecutive months.
One way to limit the amount of residual interest accruing by stopping it is to overpay by a small amount , but you have to be very careful in this respect as some companies will freeze accounts/possibly even charge you if you go into credit.
Personally, I would pay £9.00 into the account and not use the card again til you have left a clear month, but that would depend on what APR you're currently paying.

Ralphonline

Thanks Exel1966,

I'm still unsure that I'll be paying interest on purchases from today onwards, by paying off all statements in full from now on.

If they don't charge me for the purchases from today, I'll only have around 14p of residual interest charged on the £8.28, I hope that's the case.

My interest is 21.9% on my Skycard.

Best wishes,

Paul.

exel1966 wrote: »

If you pay the £8.28 by 15th august you will still pay residual interest (interest on interest) the following month and will keep paying it til you have a zero balance for two consecutive months.
One way to limit the amount of residual interest accruing by stopping it is to overpay by a small amount , but you have to be very careful in this respect as some companies will freeze accounts/possibly even charge you if you go into credit.
Personally, I would pay £9.00 into the account and not use the card again til you have left a clear month, but that would depend on what APR you're currently paying.

Balls_Of_Steel

Ralphonline wrote: »

Thanks Exel1966,

I'm still unsure that I'll be paying interest on purchases from today onwards, by paying off all statements in full from now on.

Paul, "to remain interest free a card has to be paid in full for 2 consecutives months"..so don't spend on it until you get a statement saying ZERO owed.

Ralphonline

Thanks Balls_Of_Steel, everybody,

I definately won't spend on this card untill I get a zero balance.

Thanks again everybody, greatly appreciated.

Best wishes,

Paul.

Balls_Of_Steel wrote: »

Paul, "to remain interest free a card has to be paid in full for 2 consecutives months"..so don't spend on it until you get a statement saying ZERO owed.