Credit Card Payment Question

xlnc99

I have many credit cards but ive never ever done full payment every month. I know its weird, ive always done min payments by DD or made manual payments. I am now trying to get to grip with my credit cards. I have for example one CC which has 0 balance, for the first time in years!

The statement for this CC just came out on the 12th of Jan - it says i have nothing to pay. My DD is always usually around 1st of every month, so (1st of Feb). I have just made a purchase now of £1000 on my CC. This purchase was not my statement for the 12th Jan so does this mean i do not have to pay anything on the 1st of Feb and currently have nothing outstanding. Will this be charged on my next statement - i.e 12th of Feb, therefore does this mean i have until the 1st of March to pay of the £1000 or any min payment until i get charged interest?

Hope this makes sense.

Thanks

[Deleted User]

It'll be on your next statement and will be included in the sum to pay by the following due date.

xlnc99

Yes that is what i thought. Thanks.

 So are my calculations above correct (providing the statement date and due dates above are right)

xlnc99

I dont have to pay anything until March 1st? Payments or interest?

[Deleted User]

Correct.    

Ebe_Scrooge

xlnc99 said:

I dont have to pay anything until March 1st? Payments or interest?

Correct.  If January's statement says you have nothing to pay, then you have nothing to pay.  If the transaction doesn't appear on January's statement, it'll be on February's, and will be due for payment whenever February's payment due date is (1st March you've said).

As an aside - you do realise that not paying the balance off in full will be costing you a hefty amount of interest ?  You get charged interest on the whole statement balance, not just the bit that's left after you've made a partial payment.  It also looks less than favourable on your credit history - this may or may not bother you, but something to bear in mind if you ever plan on getting a mortgage or applying for a large-ish loan in the near future.

xlnc99

Thanks guys, i got it now.
Yes i have been paying so much interest for so long. I did not know it was for the whole balance, thought it was just the purchase. Thanks for that, - something for me to bear in mind. I have been terrible at credit cards for a while now. Trying to fix it and get the utilisation low and paying in full.