Paying off a statement.

supernova480

Hi guys,

this is probably a straight forward question.. i recently got my first credit card and im still a bit unsure about how paying off a full monthly statement works..

my intentional use of a credit card is to pay for more expensive items and then pay off the statement by splitting the payments over a weekly basis until that months statement has been paid in full. however what im unsure about is if i would get charged interest on payments due on the card that ive spent after the statement was issued but before ive paid off the full current balance. ive not explained it too well so ill give an example.

my feb statement was £90 due on 18th march. since that statement ive spent more money on my card (say another £50) but ive also paid £105 towards it. because ive paid the original £90 is that my feb statement cleared, despite my balance technically not reaching £0? will the additional £50 be owed in the march statement, or am i going to get charged interest on the additional spending/remaining £35 if i dont pay everything by the 18th march? in short feb statement £90, spent another £50 since statement, payed £105. remaining balance £35

sorry about the long winded way of asking the question! im looking to book a weekend away with my girlfriend, so would ideally like it to come out of my march statement.

thanks,
Scott

molerat

Providing you pay off the full balance of the statement before the due date then further purchases will not attract interest.

[Deleted User]

You need to clear the amount shown on your statement, by the due date shown on that statement.

Wait until you receive the statement before making payments, anf then pay in full.

Any further spending after your statement is produced will appear on the next statement.

Mr_K

Sounds like you are trying to make life complicated. Set up a direct debit to pay to full amount off each month, no interest to pay and job done.

supernova480

okay thanks guys, so the original £90 has been paid, so i wont be charged interest on anything unless i dont pay on the next statement. i have made it complicated and i will be setting up a direct debit! cheers.

chattychappy

Just wait for the statement and pay off the balance in full.

Personally I don't use DDs because I like to keep it simple and flexible.

If you do use a DD, check each statement and ensure that it says the balance will be paid by DD. It is not enough to have confirmation that the DD has been set up. Sometimes people set up a DD but not in time for the next payment due. They miss a payment and have late charges applied.

King_Of_Fools

As long as you paid at least £90 off between the date the statement was issued and the due date then there will be no interest to pay. You say you paid £105 but if more than £15 of that was before the statement date or after the due date then you could end up paying interest. This is why others have said you are making it difficult.

It is better to make one payment per month between the statement date and the due date of the full amount on the statement.

If it helps you budget then put the weekly amounts aside into a savings account used just for this purpose then once a month you will have enough money in there to pay the bill in full.

supernova480

okay thanks for the advice. i do like to pay weekly because it helps me budget so putting it aside and paying it in full will make it less confusing for me! i checked and all £105 was payed after my current statement was issued (on the 20th feb if i remember rightly).

thanks again guys, much appreciated.