Question on interest and if I should make a payment?

biged670

Hello,

May be a silly question but here goes...

I have a Barclaycard with a credit limit of £1,600. Due to a recent large purchase we have max'd the limit and the balance is currently £1,600.

The statement received on the 20/10/2016 had a nil balance and as such no minimum payment is due this month.

My question is, when the next statement is generated, will the interest be calculated and added to the balance thus taking me over my limit, or will it just be calculated to show a minimum payment and then interested added if the balance is not cleared in full?

We have the intention of clearing the balance in full next month so we're only going to be paying the minimum payment this month.

If the interest is added to the £1600 I'll pay £50-£60 off now to make sure it stays under the limit.

Hope this makes sense?

LuSiVe

If the last statement had a nil balance surely the purchase will be in its interest free period and there won't be any interest?

So yes, I'd have thought just the £1600 with minimum payment this month, then interest added next month if not paid in full.

[Deleted User]

You don't want to be anywhere near to your limit, whether paying interest or not. Pay some off.

biged670

The card is not used in general. We had to make a large purchase a couple of weeks ago which required us to put £1,600 on the card (the max limit).

There isn't any interest free period, and the balance will be cleared in full next month. I'm just wondering if I need to take £50-£60 off the balance now before the interested is added?

LuSiVe

I don't mean a 0% offer on the card. I mean the interest free days a purchase gets if you have previously paid the balance off in full / had a nil balance.

Farcasting

The interest will be charged and it will put you over your limit, unless you make a payment before the next statement is calculated.

biged670

As clear as mud :-)

Think I'll just pay £50-£60 just to be certain. Thanks for your replies.

Alexd52

As has already been pointed out, if the last statement was nil, no interest will be applied to the next statement. If the next statement is NOT paid in full, then interest will be charged for the whole amount spent. If you are not paying in full this time, you will need to ensure that you pay enough to cover the interest when it is added for the next statement.