credit card 56 days interest free

STANTHEGANDER

hi guys
ive got a balance of £2500 on a card with 56days interest free on purchases, my question is if i use it like a debit card paying in to it as i spend ie paying enough in to pay off the balance every month but also spending that as i go would i then get interest free?
thanks for your help

CollectionsExpert

as long as you're paying off any full balance shown on a statement before the date it asks then you will not recieve interest

STANTHEGANDER

great
that means i can use the minimum payment plus the interest i would have been paying to pay off the debt faster!!:T

Xbigman

Hang on. You have a £2500 balance. You need to clear that £2500 off first so that every month you pay the full balance. You can't just pay in what you spent that month (+ the minimum) and be interest free, you must clear it ALL every month. I can see where you're confused from your question, but you have got the wrong idea.

CollectionsExpert, the advice you gave was just a stock answer any customer service muppet might quote. You need to explain things more.
Keep trying though, you'll get the hang of it.




X

CollectionsExpert

Xbigman wrote: »

Hang on. You have a £2500 balance. You need to clear that £2500 off first so that every month you pay the full balance. You can't just pay in what you spent that month (+ the minimum) and be interest free, you must clear it ALL every month. I can see where you're confused from your question, but you have got the wrong idea.

CollectionsExpert, the advice you gave was just a stock answer any customer service muppet might quote. You need to explain things more.
Keep trying though, you'll get the hang of it.




X

i answered it based on how i understood the original question.

STANTHEGANDER

hello again guys
i would be paying in over £2500 each month but in dribs and drabs and all before the new statment date , i understood that any new purchases i made would be interest free for 56 days , therefor but the time my new statment is produced i will have paid the balance off? whos correct here guys?

CollectionsExpert

if you are paying off the COMPLETE balance, everything on the card, before payments for those items are due, then there will be no interest. theres no problem with paying dribs and drabs, as long as everything you've used the card for is cleared before the due date of the statement theyre on. does that make sense?

YorkshireBoy

Have you paid the last two statements in full, and by their respective payment due dates?

If yes, then so long as you continue to do so you will continue to receive your 56 days interest free on purchases (providing, or course, there's no pre-existing balance transfer or cash balance on the account).

STANTHEGANDER

hello xbigman
im afraid you stand corrected, collections expert is right i had a look back at old statements i had and the first month i done this i was charged interest from the previous month , but the second month that i done this i wasnt charged any interest on my balance!! so as long as the balance is cleared by the due date i will receive 56days interest free on my months purchases and the same applies to the following month ,also it says on the back of my statement :-
allocation of payments
if you do not pay off your balance on full, payments we receive will be
so i have from the date my statement was produced up until my due payment date to pay off my balance , dribs and drabs dont matter because it still shows up as a full payment to my account on the statement date so that entitles me to 56 days interest free on my current months spending!!

meer53

Am i being thick here ? If you pay off the full balance on the due date you won't pay any interest, paying of in bits doesn't make sense does it ?

YorkshireBoy

meer53 wrote: »

Am i being thick here ? If you pay off the full balance on the due date you won't pay any interest, paying of in bits doesn't make sense does it ?

I agree it seems unusual, but there could be any number of reasons why it suits the OP, ie...

They may be paid weekly, and have difficulty budgetting/saving
They may want to spend more than their credit limit one month, or for several months running
Etc