Using a credit card but paying balance off in a week.

dylanyouknowwho

Hi,

I have a BMI Baby credit card-I received it 2 months ago.

I have purchased something online.

I will be able to pay the full amount off in approx 10 days from date of purchase.

What I want to know is will I be charged any interest?

I phoned the credit card line (0870 number) but the person on the phone just kept saying the rate is 15%

I just left it at that as she didn't really understand what I was asking.

Thanks for any help.xx

thriftymomma

Right before you made your purchase, was the balance of your card 0?
If so you will pay no interest for up to 50 days or something while your statement is produced. If however you had a balance on there already, you will pay interest on the balance and on the new purchase. Hope that helps.

Phantom_Flan_Flinger

There should be no interest payment if you pay it off when you say you will.

p00hsticks

I've just tried to look at the details of this card online but it doesn't give enough information to be able to answer your question - I think you'll need to have a look through the bumph (Terms and conditions etc) that you got with the card.

Most cards have an interest free period for purchases - so you make purchases throughout the month, and at some point the card company will produce a statement telling you what you owe and quoting a minumum payment and a date when you have to make a payment by. If you pay the bill off IN FULL by the payment date given then you won't be charged any interest on the purchases. If you pay off less then they will start to charge interest on the balance outstanding.

They usually refer to this as something like 'up to 54 days interest free credit' (the exact number of days may vary, depending on how soon after the statement date the payment date is).

For cash advances (i.e. using your card to get money out of an ATM, or buy foreign currency etc), the company will almost always start charging interest straight away -there is no interest free period .

Although what I've described above is typical of most cards, there are some cards out there that charge interest straight away for purchases as well as cash advances, which is why you need to look at the T&C for your particular card (or hoe that someone out there who has the same type of card can answer your question).

dylanyouknowwho

Hi, Yes, the I paid for online food shopping (2 lots of £50) in the first week but nothing after that.

If I pay the amount I have just spent (£1,500) off in 10 days I'm just wondering if at all how much I will be charged.

dylanyouknowwho

p00hsticks wrote: »

I've just tried to look at the details of this card online but it doesn't give enough information to be able to answer your question - I think you'll need to have a look through the bumph (Terms and conditions etc) that you got with the card.

Most cards have an interest free period for purchases - so you make purchases throughout the month, and at some point the card company will produce a statement telling you what you owe and quoting a minumum payment and a date when you have to make a payment by. If you pay the bill off IN FULL by the payment date given then you won't be charged any interest on the purchases. If you pay off less then they will start to charge interest on the balance outstanding.

They usually refer to this as something like 'up to 54 days interest free credit' (the exact number of days may vary, depending on how soon after the statement date the payment date is).

For cash advances (i.e. using your card to get money out of an ATM, or buy foreign currency etc), the company will almost always start charging interest straight away -there is no interest free period .

Although what I've described above is typical of most cards, there are some cards out there that charge interest straight away for purchases as well as cash advances, which is why you need to look at the T&C for your particular card (or hoe that someone out there who has the same type of card can answer your question).

Sorry, I posted before I read your message.

It's 56 days interest free.

Think I am worrying a bit toomuch - I'm not used to spending £1,500 with a credit card as I always use debit.

Many thanks for all of your replies.xx.