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Credit card explanation needed!
djstar80
Posts: 90 Forumite
in Credit cards
I know that this is going to sound silly but I have never had a credit card before so I know nothing about how they work.
I keep hearing that if you pay off your balance each month you do not get charged any interest but I was wondering how this works?
Do you wait for the statement to come and then pay off or do you have to pay the balance before the statement is due?
I keep hearing that if you pay off your balance each month you do not get charged any interest but I was wondering how this works?
Do you wait for the statement to come and then pay off or do you have to pay the balance before the statement is due?
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Comments
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Pay in full once you get the statement, and before the due date, which will be displayed on the statement.0
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So say I spend £100 tomorrow, I will not get charged anything on the first statement. I will be given a date to pay it off and as long as I pay it all off by the date they say then I will not get charged anything at all?0
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Correct. However if you withdraw cash, you will pay interest immediately.0
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Either pay it off as soon as you get the statememtn or a few days before it is due.
Always buy anything over £100 on the card, it give you S75 protection if you have any problems with the companies you buy from.make the most of it, we are only here for the weekend.
and we will never, ever return.0 -
Ok, that's brilliant. Thanks for all your help :-)0
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Thrugelmir wrote: »Why do you need one then?
No one needs a credit card. We can all live without them.
You probably have a lot of things you don't need. Perhaps even a credit card. Why do you have those things you don't need?0 -
I need one credit card payment card worldwide, you should do what?0
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Thrugelmir wrote: »Why do you need one then?No one needs a credit card. We can all live without them.
You probably have a lot of things you don't need. Perhaps even a credit card. Why do you have those things you don't need?
There are other reasons for credit cards other than to buy things that aren't necessary or that people don't necessarily have enough funds for:- to benefit from section 75 purchase protection
- to take advantage of cashback offers
- to have access to foreign currency at low cost (a few cards!)
- to assist with building longer term creditworthiness
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