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Simple question about credit card interest - apologies

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

Comments

  • grumbler
    grumbler Posts: 58,629 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    edited 30 October 2014 at 4:02PM
    rubble2 wrote: »
    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,
    Yes, as some interest will be added for the period between the statement date and the due date.
    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?
    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.
  • rubble2
    rubble2 Posts: 569 Forumite
    Part of the Furniture 100 Posts Name Dropper
    Thanks for the info
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