Paying in Full

Superhoopza

Hi, 

I think this is fine but I'm just checking. I've got plenty of Credit cards but got a couple with low limits that I want to pay in full. I'm just checking this is fine to avoid paying interest on these. If a statement date is say 10th March, payment date on the 30th. I make the payment in full. I'm presuming I can use this credit again before my next statement date of 10th April and not incur any charges. I wouldn't need to wait the following statement date before I can reuse that credit. I'm 95% sure I don't have to wait but just checking.

Thanks

northwalesd

Be 100% sure, you don't have to wait for the next statement before you use the card again.

Superhoopza

That's what I'm asking? Or can it differ from provider to provider?

jay1804

Terms and conditions vary between lenders, however yes anything from the 11th march - 10th April is the new statement period, so they wouldn't be due until your payment date (30th April) .

Superhoopza

Yeah that makes sense. Easier to think of it as separate periods which you pay later in. Cool thanks.

[Deleted User]

So long as you make a payment in full before the payment date (a direct debit is safest way to do this), you will pay no interest. Any purchases the day of the statement and beyond are interest free until the next payment date, hence why they talk about "up to 56 days interest free purchases"

Superhoopza

That makes perfect sense thanks.

molerat

Also remember you should not have an outstanding balance at any moment in time in excess of your credit limit, it is not £x to spend in each billing period. (I know you may be aware but the question has been asked several times here)