Post Office credit card: will i be charged interest if pay back straight away?

peterstrutt

I am planning on getting a Post Office credit card to use on purchases abroad. If i pay back the money i have spent on the card as soon as i get back off holiday would i still be charged interest?
I have never had a credit card before so don't really know how they work.

Robert_Sterling_3

How long will your holiday be?
Will you be back at least a week before your monthly payment is due?
What do you expect your outstanding debt to be when you return.

jonesMUFCforever

It will also depend on whether you draw cash on the card or not.

Cash on credit card = cash advance fee + high rates of interest.

firsttimestudent

peterstrutt wrote: »

I am planning on getting a Post Office credit card to use on purchases abroad. If i pay back the money i have spent on the card as soon as i get back off holiday would i still be charged interest?
I have never had a credit card before so don't really know how they work.

You'll have up to 56 days of interest free period on purchases (NOT cash advances!).

Say your statement date is 25th of each month, while your payment due date is 22nd of each month.

Assume that you made a purchase on 23 May, and if this transaction shows up on your statement of 25 May, you will not pay any interest as long as you pay by 22 June.

If you made a purchase on 26 May, this transaction will only show up on the 25 June statement, hence you will not pay interest as long as you settle the full balance by 22 July. (and also settle previous month's balances in full).

If you set up a Full Direct Debit, you will definitely not be paying any interests for purchases, but of course make sure you always have the amount available in your current account to cover it!

Hope this helps!

peterstrutt

Yes, this helps. What is a cash advance though (excuse my ignorance as i am credit card virgin), is it a cash withdrawal?

cifpower

Yes it is .