Daft question...

huddsta

If I were to make a purchase on my credit card, when would I start incurring interest? I know it's a novice question but I've only ever use my card when it was 0% on purchases and it was paid off in good time.

p00pieb0tt0m

The day after the 'your payment should reach us by' date on the statement the item appears. The maximum it can be(depending on CC) is 56 days.

CLAPTON

assuming the balance is currently zero, then if you pay the the full amount of each bill then you pay no interest.

if you dont pay the balance in full then you pay interest from the time you make the purchase until you pay it off.

jamalfatty

p00pieb0tt0m wrote: »

The day after the 'your payment should reach us by' date on the statement the item appears. The maximum it can be(depending on CC) is 56 days.

Not quite, it all depends on how much you pay when your statement with the item arrives. (This is all assuming you start with a £0 balance). If you pay your statement in full by the due date then you wont be charged any interest at all. If you dont, you'll be charged interest calculated on your outstanding balance daily from the day you made the purchase.

So essentially, if you dont pay it off in full, you'll be incurring interest as soon as the item is paid for.

huddsta

So ok, to clarify...if I make a purchase tomorrow and pay the balance upon receiving the statement I'm ok? Lord I sound naive here, the only reason I want to use the card is because I'm in credit on it.

CLAPTON

yes indeed.. in fact you only need to pay by the 'pay by date' ... make sure you leave plenty of time for the payment to go through.

.. questions are only daft if you know the answer already..........