I paid the "statement balance," not the "current balance" - will I pay interest?

dgmjr2018

cymruchris said:

dgmjr2018 said:

Im kinda new to credit cards, and from reading this (correct me if i am wrong): 

The statement balance is what i owe for that month (Which needs to be paid in full, in order to avoid paying interest) - whilst the remaining balance is what will be billed in the following month?

Yes that’s correct. The only time you’d see interest applied (and it would already show on your statement) is if you made a cash withdrawal/cash services transaction on your credit card - as cash transactions usually attract interest from the moment they are recorded on your account. (Buying your shopping in Tesco and a few things on Amazon or eBay - none of those would be ‘cash withdrawal’ or ‘cash services’) 

Thanks. Now i feel more confident and ready 

CliveOfIndia

dgmjr2018 said:

cymruchris said:

dgmjr2018 said:

Im kinda new to credit cards, and from reading this (correct me if i am wrong): 

The statement balance is what i owe for that month (Which needs to be paid in full, in order to avoid paying interest) - whilst the remaining balance is what will be billed in the following month?

Yes that’s correct. The only time you’d see interest applied (and it would already show on your statement) is if you made a cash withdrawal/cash services transaction on your credit card - as cash transactions usually attract interest from the moment they are recorded on your account. (Buying your shopping in Tesco and a few things on Amazon or eBay - none of those would be ‘cash withdrawal’ or ‘cash services’) 

Thanks. Now i feel more confident and ready 

As Grumbler mentioned earlier, it really is eminently sensible to set up a Direct Debit.  All cards will do this, and you get the choice of "Minimum Payment", "Fixed Amount" or "Full Balance".  Set it up for "Full Balance" and you're covered.

Of course, you do need to make sure the money is in your bank account to cover the DD.  And credit cards do require a modicum of discipline - basically don't use them to buy stuff you can't afford, and don't run up a bill that you won't be able to pay when the statement lands on your doormat.  But used sensibly they can be an extremely useful financial tool.

grumbler

Do you know that ATM Nationwide pays 5% cashback on supermarket debit card spending (until end of Apr)? Many people do buy gift cards to get maximum £10 p.m. per card cashback.