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Quick question about monthly interest applied to credit cards

I've just taken out a loan, which i have used to pay off 3 credit cards

I have paid them all off to the current balance, for 2 that was the same as the last statement, for one it was more because i had spent on it since.

Provided all these payments clear before my next statement, is that the end of it, do i have balances of 0?
or will i owe a month of interest on each of them when the next statement comes along?

the reason i ask is that i have one card left, which i plan to balance transfer onto one of these cards with a 0% offer, if possible i would like to do this without ending up with an interest from the last balance being added on top, as it would attract interest and not get paid off till last. But i would rather be able to do this as soon as i can, not have to wait for the next statement

Comments

  • There will be trailing interest, so further small amounts to pay on the next statement. Your last statement balances will be out of date the day they are produced, due to interest bing added daily.

    Interest will stop after you have paid two consecutive statements in full.
  • ging84
    ging84 Posts: 912 Forumite
    Part of the Furniture Combo Breaker
    ok so my next statements will show 0 + a trailing interest payment ?
    if i pay the interest payment when the statement comes out, am i then clear to do a balance transfer once that payment has shown and the balance is back a 0?
    or would i need to wait for a another statement to come out with shows zero balance and zero interest ?
  • It doesn't matter. Any payments will clear the interest bearing balance first in any case.
  • ging84
    ging84 Posts: 912 Forumite
    Part of the Furniture Combo Breaker
    from what i have seen the terms of balance transfers seems to be that the interest free part will always be paid off first, so anything else on there that attracts interest gets stuck till you clear the whole thing
  • That changed around 3 years ago. No card company can operate a negative allocation of payments any more.
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