When to Pay Off Outstanding CC Balance Before Promo Period Ends

Venusflytrap

Hi Guys,

My NW CC 0% on purchases ends on 30 June but the statement cut off for that month will be 27 June. My DD (minimum amount) goes out on 22 of each month (and I normally make extra payments on top of this), so if I make an additional payment to reach my NW CC account before or by 30 June, will I still incur any interest on the whole balance?

I am uncertain whether I need to clear all of my balance before/by 27 June or 30 June.

Thanks

bengal-stripe

If 30 Juni is the date which you had confirmed by the card (not a date you have worked out), then there is no need to clear the balance earlier than 30 June.

Even if the payment (for the balance) was to arrive late, you would not have to pay the interest for a whole month or more, just for one or more days.

Venusflytrap

bengal-stripe wrote: »

If 30 Juni is the date which you had confirmed by the card (not a date you have worked out), then there is no need to clear the balance earlier than 30 June.

Even if the payment (for the balance) was to arrive late, you would not have to pay the interest for a whole month or more, just for one or more days.

Yes, 30 June is the date confirmed by NW.

So if I were to pay the entire balance say on 26 June and it arrived between 27 to 30 june - I wouldn't incur interest? And if my payment reached NW by say 2 July, I would only have to pay a few (three) days interest?

I understood that if even a part of the outstanding balance remained unpaid after the 0% promo period, then all of the outstanding balance (from last statement) would incur interest.

Still unsure and slightly confused...

bengal-stripe

This year June 30 falls on a Saturday, so, to pay no interest at all, your payment must have arrived by Friday close of business.

I presume, your promotional deal is a straight-forward 'no interest' deal on either purchases or a transfer. Any outstanding monies will accumulate interest as of 1 July, for every £1000 at 18% this will be about 50p a day. It doesn't work like a normal monthly transaction (if you do not pay in full, all interest for the whole months becomes due).

The clock starts ticking on 1 July, in this case this is the equivalent of the day of purchase for an account without a promotional deal. From that day on, the outstanding balance will accumulate interest for every day it remains unpaid.

Venusflytrap

It's a straight forward 0% on purchases deal. I will ensure that the entire balance reaches my account by Fri. 29 June latest to avoid any interest.

Thanks.