What will it cost me in interest?

carl310166

I normally pay off my credit card in full every month,but this month has been very expensive for me.

My bill will be about £1600 on the next statement,and i can pay off at least £1300 no problem.

My question is,if i pay off £1300,will i pay interest ONLY on the remaining £300? or do i pay interest on the whole £1600?

boots_babe

Unfortunately you'll have to pay on the full amount, even though you will have paid most of it off - unfair as it is

grumbler

Just to clarify ...
You pay interest on all transactions from the day of each one till the day your payment is credited to the account. Then you pay interest on the remaining £300. It is also important, that you don't have interest-free period on new purchases if you don't pay balance in full.

carl310166

The "Thanks" button has disapeared,so thanks both!