We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Interest on purchase
Dr_Bob
Posts: 81 Forumite
in Credit cards
Hi I have a debt already on a credit card I need to buy a new lawn mower, however I cant afford to buy one until payday which is 2 weeks away.
My question is if I buy the mower now but pay back the credit card the cost of the mower in 2 weeks time, is the cost of the mower and interest added to the repayment, or is it ignored because it got paid off in quick time?
Many thanks
My question is if I buy the mower now but pay back the credit card the cost of the mower in 2 weeks time, is the cost of the mower and interest added to the repayment, or is it ignored because it got paid off in quick time?
Many thanks
0
Comments
-
you will pay a small amount of interest on the mower transaction as the 'up to 56 days interest free' thing only applies if you pay the entire balance off.I’m a Senior Forum Ambassador and I support the Forum Team on the Pensions, Annuities & Retirement Planning, Loans
& Credit Cards boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com.
All views are my own and not the official line of MoneySavingExpert.0 -
You'll have to wait until the mower appears on a statement before paying it off for you'll get charged interest for another full month. Payments go towards statemented balances first before the higher interest hierarchy is applied.0
-
Given the OP already has a balance. Unless the transaction is on a statement, then any money paid will go against the previous balance.MallyGirl said:you will pay a small amount of interest on the mower transaction as the 'up to 56 days interest free' thing only applies if you pay the entire balance off.
But either way makes not difference as the OP is still paying off the debt.Life in the slow lane0 -
I assumed from the OP that the existing debt was on 0% or there's no real point to the question, but I may have been wrong.born_again said:
Given the OP already has a balance. Unless the transaction is on a statement, then any money paid will go against the previous balance.MallyGirl said:you will pay a small amount of interest on the mower transaction as the 'up to 56 days interest free' thing only applies if you pay the entire balance off.
But either way makes not difference as the OP is still paying off the debt.0 -
No mention of 0% in OP. It was the reply to the OP.SuperAllyB said:
I assumed from the OP that the existing debt was on 0% or there's no real point to the question, but I may have been wrong.born_again said:
Given the OP already has a balance. Unless the transaction is on a statement, then any money paid will go against the previous balance.MallyGirl said:you will pay a small amount of interest on the mower transaction as the 'up to 56 days interest free' thing only applies if you pay the entire balance off.
But either way makes not difference as the OP is still paying off the debt.
In fact the OP said >>and interest added to the repayment,<<Life in the slow lane0
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 353.6K Banking & Borrowing
- 254.2K Reduce Debt & Boost Income
- 455.1K Spending & Discounts
- 246.6K Work, Benefits & Business
- 603K Mortgages, Homes & Bills
- 178.1K Life & Family
- 260.6K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards