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Basic Question about residual Interest on a CC
pmartin86
Posts: 776 Forumite
in Credit cards
Hi all, silly question time im afraid!
I've recently got a 0% BT to pay off my CC that I used while I was out of work thats totaly cleared the balance on card number 1. I now want to start to rebuild my credit score and use this card for everyday shopping and pay in full each months, I understand that due there being an active balance on it up untill this month, I will be charged interest, however, as I now plan to clear in full each month, will my interest stop after 2 months? or will I need to keep the card at a zero balance for 2 months to "reset" the free interest period?
Sorry if this sounds confusing
Paul
I've recently got a 0% BT to pay off my CC that I used while I was out of work thats totaly cleared the balance on card number 1. I now want to start to rebuild my credit score and use this card for everyday shopping and pay in full each months, I understand that due there being an active balance on it up untill this month, I will be charged interest, however, as I now plan to clear in full each month, will my interest stop after 2 months? or will I need to keep the card at a zero balance for 2 months to "reset" the free interest period?
Sorry if this sounds confusing
Paul
0
Comments
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Once you've paid two consecutive statements in full you'll stop being charged interest. The interest in the second statement will just be the trailing interest from the previous month, not interest on purchases made that month.0
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Thats what I was hoping for, thank you guesswho2000
Paul0
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