interest question

Couchwarrior

On most cards is the interest at the end of the month calculated at a set time of the month or for the overall month ie daily for the balance ..... i just wondered if i benefit from paying off earlier than the payment date to reduce interest
Also im banging as much cash on cards as possible so they will all be clear before may , one of them has £170 left on it but the last payment date is in 5 days time , i have paid £700 on this card this month and just cant get this last £170 before the final date to pay it off but it will be just after , becasue of this will i end up paying a whole months more interest or will it be basically just a few days ? i know its the same question i'm just a bit confused over how they charge the interest
I know im confusing eveyone as well as myself but this interest thing is a bit confusing i want to get to a point were i can use this card to get my 56 interest free days while i pay off the next one , ive got a feeling i willpay off the £170 next week and find out i havent got it all paid off because at the end of the month they will stick 3 or 4 days interest on it for the £170 balance i had at the start of the month ...... does that make sense ?

CLAPTON

Basically you pay interest on a daily basis; that is they take the daily balance and charge interest on that ... so if you pay back money early then you will pay a little less interest.
However, if and only if you clear the entire balance each month they charge you no interest... but note this only applies if you clear the full balance every month.
So in your case and simplifying a little , you will pay interest on the 870 on a daily basis from the last statement date to the date you paid off 700 then interest on a daily basis on the remaining 170 .... the total interest up to the next stament date will show on your next statement... however the 170 will continue to accrue interest until you pay it off.
To finally stop paying interest you need to have the card balance fully paid off for two consecutive months.

Couchwarrior

thank you that simplifies it