Credit card and interest free period effect on credit rating

giddyG2001

Hi all,

Just wanted to check something. I usually pay off my credit card in full every month as am trying to improve my credit score. However, this month is a little tight and I have noticed that my credit card offers "Up to 56 days’ interest free period on purchase transactions only, where you have paid off two or more consecutive current statement balances in full and on time"

As I have paid my previous 2 statements off in full in time and money is a little tight this month, I'm considering this option.

My question is, if I don't pay in full this month and pay at the end of Feb to take advantage of this, will this effect my credit rating?

Or can I just pay the minimum amount and still take advantage of the interest free 56 days and continue to improve my credit score.

Thanks in advance,

CLAPTON

giddyG2001 wrote: »

Hi all,

Just wanted to check something. I usually pay off my credit card in full every month as am trying to improve my credit score. However, this month is a little tight and I have noticed that my credit card offers "Up to 56 days’ interest free period on purchase transactions only, where you have paid off two or more consecutive current statement balances in full and on time"

As I have paid my previous 2 statements off in full in time and money is a little tight this month, I'm considering this option.

My question is, if I don't pay in full this month and pay at the end of Feb to take advantage of this, will this effect my credit rating?

Or can I just pay the minimum amount and still take advantage of the interest free 56 days and continue to improve my credit score.

Thanks in advance,

it doesn't mean that

it means that to get interest free you MUST pay in full by the due date

the phrase 'up to 56 days' means that the time between when you spend to the due date can be up to 56 days (i.e. if you buy the day after your statement is produced and leave payment to the very last day.

Cycrow

If you dont pay your statement in full, you will be charged interest.

as for your credit report, it will make little difference to it

antonymp

The only way you'll get an interest free period is if you have an interest free period on your Credit Card for a certain amount of time, otherwise you'd need to pay the statement balance as not to accrue interest the following month.

chattychappy

Re. credit rating. Do pay more than the minimum, if only £1 more. If you pay just the minimum, this gets flagged.