Stupid question that I really should know the answer to!

jimpix12

Hi all

I have only had a credit card for a few months which I'm using for credit repair etc. From the terms I can see that the end of the month for me is classed as the 25th of every month.

Today, the 24th, I just spent some money on the card online. Does this mean I have til midnight to pay it off before it is classed as "overdue"? I don't really understand the cut-off period/roll-over period, can someone explain please?

I tried ringing Captial One but gave up after their salesman just tried to flog me insurance and didn't understand what I was asking :rolleyes:

NickX

spunko2010 wrote: »

Today, the 24th, I just spent some money on the card online. Does this mean I have til midnight to pay it off before it is classed as "overdue"? I don't really understand the cut-off period/roll-over period, can someone explain please?

No, you don't need to worry about this purchase until you see it on a statement.

I think you mean your statement date is tomorrow, the 25th July.

If you are unlucky, this online purchase will get onto tomorrow's statement. You will then have until the Due Date on your statement to make the payment, usually around 3 weeks.

If you are lucky it won't get onto tomorrow's statement and won't actually show up until the statement on 25th August. You then have until the Due Date of that statement to make the payment, which will probably be into September, so you would be getting nearly 2 months interest free before having to pay for the item.

Keep your fingers crossed that you are going to be lucky :cool:

CLAPTON

there are two important date...
the statement date.. thats the date the bill is printed on
and the 'pay by' date.. the latest that cleared funds need to reach the CC company.

anything you spend between the statement date and the pay date will appear on the following statement . You only have to pay what appears on your statement.