Credit Card Interest After Paying Card In Full

ibanez81

I'm maybe just having a dumb moment but I have a quick question. I just paid everything outstanding on my credit card so the balance is now zero, I asked if this settles everything I owe and they said no because there will be the interest on my next statement :rolleyes:. Obviously I got my previous statement through saying the interest will be blah da blah amount but I've always thought if you paid it off in full then surely that is never charged? I dont quite understand how it works because surely if I'm charged interest next statement won't they be charging interest on that? And you would be going on forever.

McKneff

Its true, if you have interest charged on the payment you are making there will be some trailing interest in the time period between them preparing the statement and you getting the statement.

As you say, it could go on infinitum but i usually pay a couple of pound more than they ask for so that you are a few pence or so in credit in the next month..

If you pay everything off in full every month then that is a different matter because interest never rears its ugly head.

ibanez81

Damn I was hoping I was given wrong information ... so basically if I pay off my next statement plus whatever interest they have calculated for my next that should take me to zero? and not even they can charge interest on that .

Thanks for answering

CLAPTON

ibanez81 wrote: »

Damn I was hoping I was given wrong information ... so basically if I pay off my next statement plus whatever interest they have calculated for my next that should take me to zero? and not even they can charge interest on that .

Thanks for answering

no

you only need to pay in full for two consecutive months; then there is no further interest.

ibanez81

CLAPTON wrote: »

no

you only need to pay in full for two consecutive months; then there is no further interest.

Ok thanks, I really should know all of this, but thats answered all my questions