credit card interest

anoncol

Hi,

Can i just check when interest comes into action on a credit card. I'm planning on getting a Santander 123 credit card but I need to check when I would pay the very high interest rate. Is it when the balance rolls over a month?

Thanks

grumbler

If it's purchases only and you pay the balance in full, you don't pay any interest.
For cash advances and/or if you don't pay the balance in full, the interest will be added for each transaction from the day of this transaction.

bengal-stripe

If you pay all of the balance (as shown on the monthly statement) regularly and on time, you will not be charged any interest.

If you roll-over part of the balance, you will be charged interest on the outstanding balance. Interest is calculated daily and charged on the statement (up the date of the statement).

anoncol

Thanks, so when does the interest come into action specifically?

I'm new to credit cards.

katejo

anoncol wrote: »

Hi,

Can i just check when interest comes into action on a credit card. I'm planning on getting a Santander 123 credit card but I need to check when I would pay the very high interest rate. Is it when the balance rolls over a month?

Thanks

The credit card provider sends you a monthly statement with a payment date about 12 days later . You have to make a payment by that date . If you don't pay the full amount , the card provider will start to charge interest on the whole amount (not just the unpaid part) and also on any further items bought .

YorkshireBoy

katejo wrote: »

The credit card provider sends you a monthly statement with a payment date about 12 days later . You have to make a payment by that date . If you don't pay the full amount , the card provider will start to charge interest on the whole amount (not just the unpaid part) and also on any further items bought .

For clarity, they'll charge interest from the transaction date.

OP, best way to look at it is that all purchases incur interest from day one. If, and only if, you clear the full statemented balance by the date shown on the statement they will waive this interest.