Payment Query

ColdAsIce

Dear all,

I had a question,

Also anyone has a Capital One card, i got my card but requested a new card with a new design. Recieved my new card but its the same damn design, anyone know if Capital one are changing their designs!

Say for example i had to pay off £100 on my credit card, could i make part payment of £50.00.

And say before my bill is generated and i do accumlate interest, can i pay the other £50 off before the payment due date.

Would i technically have to pay interest, or obviously its advised to pay it off all in ful etc.

Also how does the 56 days interest free thing work is that only for one month.

And as well the minummum payments.

Balance transfers cant happen direct through a bank account.

Look forward to hearing from someone.

CLAPTON

basically it works like this

you spend some money making purchases using the credit card
you will receive a bill in due course (once a month)
the bill will tell you
-your balance
-the minimum payment acceptable
-the date by which the payment must be made.

as long as you pay the bill in full by the payment date (allowing for delays in the system) the you will pay no interest.
Best to set up a DD to pay in full then you never forget or get charged interest.

If you don't pay in full then you pay interest from the time you make the purchase to the time you pay the debt off (worked out on a daily balance basis)

you may continue to use the card during this period... any spending will show on subsequent bills.

if you draw cash then you will be charged a fee and interest starting immediately. (don't do it)

Paul_Herring

And say before my bill is generated and i do accumlate interest, can i pay the other £50 off before the payment due date.

Would i technically have to pay interest, or obviously its advised to pay it off all in ful etc.

Yes, of course you will. You've incurred interest from the last statement date to the date you make the next payment, and since you didn't pay the previous month off in full, you'll be charged it.

Also how does the 56 days interest free thing work is that only for one month.

Note - it's up to 56 days - not 56 days on each and every purchase.

Statement date: (say) 10th.
Payment due: (say) 27th

You pay off your March and April 27th's bills off in full.
You pay for something on (say) the 9th of May.
You get a statement dated 10th May which fails to include that item because it's not made it to your CC company yet.
27th May comes and goes - you pay in full.
Statement dated 10th June includes your 9th May purchase
27th June - you pay off in full, including your 9th May purchase.

9th May - 27th June = 49 days.

The exact number of days depends on how long it is between your statement date and the due date, weekends, bank holidays, and how long before your statement date you can make a purchase and have it appear on the 'right' statement.