56 day interest free period.

markquinton

This is a simple question which hopefully you should be able to answer for me as none of my mates\work colleagues could give a clear answer.

I've got a Barclaycard which I presently pay off in full each month to avoid any interest charges. Usually I make the fully payment as soon as the statement is generated but this month (for one reason or another) I can't afford to make the payment till after I'm paid. The payment will still be made before the due date by 10 working days but since the statement was produced more purchases have been made. If I only make the full payment on the statement will I be charged interest on the extra purchases or will the interest be 'charged' on next months statement?

Its because I'm not making the full payment as soon as I receive the statement that is confusing me. Always pay every bill as soon as I get it to avoid any extra charges or penalties.

King_Of_Fools

You will not be charged any interest as long as your bill is paid in full by the due date. This means that if your bill is for £200 and says minimum payment must be made by 1st September (for example), if you pay the £200 by 1st September you will not have to pay any interest. It does not matter how much you have spent on the card since the bill was printed - you could have spent £1000s and you will still not have to pay any interest!

So by paying your bills as soon as you get them you are missing out on around 20 odd days of your interest free period.

markquinton

Thanks for the information, wasn't sure about it myself but its nice to have someone clear it up for me!