Another newbie wanting help please

scotsirish

Probably a stupid question but I'll ask anyway...

I pay my c/c about 2 days before the due date to keep the money in my current account longer. Would I be better paying my c/c the day that I get paid instead of waiting? In other words, does the interest get charged on a daily basis for c/c's?

Many thanks

duncans-mum_2

Hi Scotsirish and welcome to MSE. There is no such thing as a silly question when it comes to money. Mt cc statement says interest is charged monthly, but I've never been 100% on all thei waffle/jargon. The only thing on mine though is it states that I have to allow at least 3 working days before the due date to allow the funds to be in on time, so check you are not getting any late charges.

From personal experience though I think it is easier to get it out of the way when you get paid as it's easier to keep track of where you stand. Even set up a DD then their is no chance of forgetting.

Bokken_2

Yes.
interest is charged/calculated on a daily basis.The only way to avoid interest on your account is to pay the amount in full before the statement date for two consecutive months.If you pay off in full on the first month and leave a balance on your account on the second month you will incurr interest charges.
If you clear the balance each month you normally get between 49-56 days interest free period before payment is required.
Have a read up on Martins credit card articles here on the left for a clearer explaination.
Oh welcome to MSE