Credit card full balance payment

No19v87

Probably a really obvious question so apologies. I know it’s better to repay the full statement balance of your credit card each month, my question is if you do this but the next day spend the same amount on it - does that affect the positive benefits of paying in full?

I.e. if I had £250 on a card, pay the full £250 at the point of statement, but then purchase something for £250 the next day, leave the balance on the card and pay off in full at the next statement - is that okay?

MikeJXE

Thats exactly what I do but not maybe the next day

Always pay off in full every month

BikingBud

I buy everything, almost, on CC and pay off full amount therefore no interest.  

Statement comes out, payment date is usually 4 weeks later and it comes out by DD.

If there is a larger payment and you have the option, buy it just after your statement date and you can extend the interest free period possibly 7-8 weeks, 4 weeks to appear on statement and 4 weeks after statement before payment date.

On the flip side keep your money in the highest paying account you can find to maximise the interest and then manage the flow to ensure the DD gets serviced. 

I just go round and round each month, carry on spending, carry on paying.

daivid

No19v87 said:

Probably a really obvious question so apologies. I know it’s better to repay the full statement balance of your credit card each month, my question is if you do this but the next day spend the same amount on it - does that affect the positive benefits of paying in full?

I.e. if I had £250 on a card, pay the full £250 at the point of statement, but then purchase something for £250 the next day, leave the balance on the card and pay off in full at the next statement - is that okay?

Yes absolutely fine; pay the statement balance by the due date given on the statement. If you set up a direct debit to pay in full this will all be done for you - just make sure there is enough money in the current account on the day they will take payment (often a few days before the payment due date).

safe_hands2

If it's interest you're thinking about, you'll only pay interest on the statement balance if it isn't all cleared by the due date. You could spend £10,000 the day after your statement and not pay any interest at all. As long as you can pay £10,000 back when the next statement arrives!

safe_hands2

Oh, and your card has a credit limit of £10,000 or more of course