Paying off a card in full - Help!

scotslad1983

Hello there,

I wonder if somebody could help me. I've read Martin's guides to credit cards but cannot find the exact part I need, or to be more precise, the correct wording.

"To avoid interest, make sure to pay off your balance in full."

I have received January's statement for £1500. I have put money aside to pay this off. However, since receiving the statement I have made another payment using this card for £400, which will appear on February's statement. I unfortunately do not have £1900 to get the card back down to a zero balance.

If I pay £1500 on the due date (14 Feb) will I pay interest even though this leaves £400 on the card? I don't want to get stung for interest on £400, or £1900!

[Deleted User]

You need to pay the £1500 by the 14 Feb due date.

Then you need to pay the £400 (assuming you spend no more before your next statemnet is produced) by the 14 March due date.

As long as you clear each month 9the amount on the statement), you don't pay interest.

auntynet

If your last purchase isn't on this current bill then you don't have to worry about the interest on that. Clear the current bill for £1500 by the due date and then next month you'll just have the new purchase on the bill and no interest if you can clear that bill by the due date. . . . . I think! lol

luci

It is the total amount on the statement you need to pay in full each month, not the total amount spent on the card. As you said, the £400 will appear on February's statement.

theoretica

Did you pay December's statement in full? If you did not you will be hit with interest on January's 1500. You need to pay in full both the month before and the month you spend the money to get it interest free.