Credit Card Interest Question

CG19a

Hi, hopefully someone can clear this up for me.

My barclaycard has a balance of £151, on it which I've cleared today by faster payments. (I clear the balance on this card every month to save paying interest).

Now that my balance is £0, if I make a large purchase tomorrow (flights), when would I have up until to pay it interest free? Would I have to pay it in full before my December statement or my January statement? I know if I had a zero balance on my Nov statement then I'd have to January, but I'm not sure how it works by paying it to £0, then using it again. Hope this makes sense.

mustmakealist

I use one of my credit cards for my normal purchases eg groceries and petrol and pay off the balance in full each month. I don't have to pay any interest.

Your payment today should mean that if you made no additional purchases on the card your next statement would show a zero balance and you would pay no interest.

If you make a purchase it will show on your next statement and you would have until that date shown on that statement as payment due by date as interest free. You just need to make sure that you allow sufficient time for the payment to be credited to your account so that you don't incur any interest. HTH

CLAPTON

the system works based on the statement that you receive and not the spending between statements so

if you pay the current statement in full before the due date you pay no interest

and you pay the next one in full (after you receive it) and before the due date then there will be no interest

CG19a

So just to clarify, now that my balance is £0, if I spend on my card I won't be charged any interest on my next statement? I would then have until the payment date for that statement to pay it off without incurring interest?

chattychappy

CG19a wrote: »

So just to clarify, now that my balance is £0, if I spend on my card I won't be charged any interest on my next statement? I would then have until the payment date for that statement to pay it off without incurring interest?

Correct. (In the context you gave - that is you have been paying off previous statements in full. Else there could be a small amount of trailing interest.)

opinions4u

Have you been charged interest on either of your previous two statements?

CG19a

opinions4u wrote: »

Have you been charged interest on either of your previous two statements?

I haven't been charged interest on the card since July. If I had a statement with a balance I would always wait until I had £0 balance statement after it before spending on it again. It's only recently I've been able to keep clearing the card each month, that's why I was confused slightly about how the interest free thing works.

Thanks for all the replies guys!

opinions4u

In that case you won't be charged interest on your next statmement.