Newbie credit card help!

Frugalgurl

Hello.
I'm scared to touch my new credit card I've just been accepted for. I want to improve my credit score as its not great and I got accepted for a Capital One Classic Credir Card with 34.6 % apr.

I'm new to credit cards and not sure how it works. If say I bought something on the card and paid or back in full that month would I have to pay any interest?

Many thanks if anyone can help

Frugalgurl

Sorry that's meant to say 34.9% APR

20aday

Hello there.

If you pay your bill in full after the statement has been generated you won't pay interest (unless you make a transaction that attracts interest i.e. cash withdrawal).

You have up to 56 days' interest free on purchases (varies by lender, some 'interest free' periods are shorter).

Superscrooge

Each month you will receive a credit card statement which will list the purchases you have made and your balance. It will also give the payment due date which is usually at least two weeks after the statement date. .

As long as you pay your full balance by the payment due date you will not pay interest.

Borrowing money on credit cards at 34.9% APR is very expensive so always pay the balance in full rather than just the minimum payment.

Set up a direct debit to pay the full balance then you can't forget. One missed payment will damage your credit history.

As mentioned by 20aday cash transactions such as ATM withdrawals are not interest free so just use your credit card for purchases and not for cash transactions.