Credit Card Question

johnmichaeldoyle

If I have a Credit Card with a £500 limit and my statement day is 5th of the month

say I pay off £500 before the 5th but then I spend £100 on it again a couple of days later (also before the 5th) does that mean i've paid it off in full that month or would I have to of waited until after my statement date?

bengal-stripe

Your balance is the bottom line on the statement. Any payment due, either minimum of full, is based on your balance.

To use your scenario, you will have to pay £100 for a full payment. Alternatively, if you do not use the card again after your payment, then the balance is £0.00 and no payment is due (maybe a little interest, if you haven't paid the previous month in full).

johnmichaeldoyle

I was under the impression if you paid the balance in full every month then there would be no interest at all.

yeah if you owe £100 on your card and you pay £100 and then you don't use it until your next statement, then your balance will be 0 and you won't incur any charges.

but what i'm saying is, if i owe £100 and i pay it off in full on say the 1st of the month, but my statement date isn't until the 5th of the month, and then i use it and spend £50 on say the 3rd of the month. does that still count as having paid it off in full or will it just count as I've only paid off £50?

:undecided

johnmichaeldoyle

Actually I just reread your post. You actually answered my question thanks

Herbalus

You need to check that your payment has cleared before the statement date. Paying by debit card can take a few days for example, so if you paid off your £100 on 3rd, but it wasn't applied to your account until the 6th, then the £100 (as well as the £50 spent on 4th) would be on your statement on 5th. Therefore you would have paid £100 towards your statement balance of £150.

If you paid off the £100 purchase and it was applied on the 4th, your statement on 5th would only show a statement balance £50, and you would not have made any payment towards the balance.