Why am I being charged interest?

iudtuvm

(Or in other words, could someone please explain to me what 'interest free period' means in practice?)

Here are my CC balances for the last few months (rounded up to nearest pound for simplicity)

- March = 0.01, no interest charges
- April = £11, no interest charges
(Payment made before due date: 11)
- May = £351, no interest charges
( Payment made before due date: 12)
- June = £355, incl interest charges of 5.01

The May transactions were made on the 12th and 13th so am still within 56 days.

My understanding was that so long as I paid all the balance off within the 56 days, there would be no interest charged. Apparently not!

King_Of_Fools

It is up to 56 days. If you make a purchase on the card and pay it off by the next due date you pay no interest.

darcyvuqua

King_Of_Fools wrote: »

It is up to 56 days. If you make a purchase on the card and pay it off by the next due date you pay no interest.

hole in one if you carry a balance you pay interest you have to clear the whole balance to get the 56 (or however many days) interest free

DestroyingAngel_2

And obviously, if you make a purchase right before your statement is due to be issued, you'd have practically NO interest-free period on that particular purchase. The best time to spend on a credit card is immediately after your statement is printed - that way you get the "up to 56 days interest free".

nomoneytoday

If you had paid off the £351 in May by the due date then no interest would be charged. If you pay £350 or less then interest will appear on the outstanding balance and new spends until cleared in full

iudtuvm

OOO I get it

Ta very much