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Enlightenment required! :D
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Just pay the bill in full when it comes.
Life will be so much easier then.0 -
I understand how it all works but I think other posters are over complicating things.
Purchases are interest free from the day you spend the money to the day you pay off your bill, as long as you clear the bill on time and in full, every month without fail.Like all religions, the Faith of the Invisible Pink Unicorn is based upon both logic and faith. We have faith that she is pink; we logically know that she is invisible because we can't see her."0 -
bengal-stripe wrote: »Let's try it like that: Statement date January 1st.
On that date, the page listing all the purchases of the previous month is taken out and compiled into a statement. A new blank page is inserted, which will list all the purchases coming in between January 1st and the next statement February 1st.
You have done recently two purchases, one hits your account on December 31st, the other hits your account on January 2nd. The December 31st purchase will be entered into the January 1st statement and payment becomes due on January 26th, giving you 26 interest free days (presuming you pay in full). The transaction of January 2nd, will hang around until it gets entered into the February 1st statement, to which payment becomes due on February 26th, giving you 56 days interest free.
So, depending when the statement gets compiled and when a transaction enters your account, interest free can be between 26 and 56 days. (Again. presuming you pay your card in full every month.)
It's all a question of timing.
Thank you!! makes sense now!
:cool:;) 0 -
Just one thing, what do you mean by "presuming you pay your card in full every month." Do you mean the minimum required amount? Or completly paying off everything you owe?0
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Everything0
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The balance on your statement, not your current balance
Purchases made after your most recent statement will appear on your next statement with its own due date! 0 -
I had this same phone call with Barclays. You probably weren't ringing up for anything to do with credit or overdrafts...
But thats the gist of it providing it's timed right.0
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