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Simple question about credit card interest - apologies
rubble2
Posts: 569 Forumite
in Credit cards
Sorry for asking such a basic question but I normally pay off my credit card in full each month, Last month I had a lot of expense so only paid half of the total owing. Naturally I now have some interest applied to the account on this months statement.
If I now pay off the whole outstanding account by the due date this month I assume I will still attract some interest on next months statement, If I now use the card for making new purchases will the interest I pay just be that which is due on the old transactions up until I settled the account or will my new transactions now attract interest as well?
Thanks
If I now pay off the whole outstanding account by the due date this month I assume I will still attract some interest on next months statement, If I now use the card for making new purchases will the interest I pay just be that which is due on the old transactions up until I settled the account or will my new transactions now attract interest as well?
Thanks
0
Comments
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Yes, as some interest will be added for the period between the statement date and the due date.If I now pay off the whole outstanding account by the due date this month I assume I will still attract some interest on next months statement,
The latter. For the interest on new purchases to get waived both the previous and the next statements balances have to be paid in full.If I now use the card for making new purchases will the interest I pay just be that which is due on the old transactions up until I settled the account or will my new transactions now attract interest as well?0 -
Thanks for the info0
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