Hi all
OK, here's a tedious question that I'm trying to get my head round. Now just to be clear I never have paid interest on my card as yet and don't intend to - this has just been on my mind. Scenario is as follows:
Let's say I put £200 on my credit card on the 10th July from a clean balance sheet. Statement comes through on the 20th July saying I owe £200. Fair dos.
The payment is due on the 10th August (these dates are hypothetical!). I only pay the minimum payment (let's say £10) so the remainder I owe is £190 and that stays on my card.
I then pay the remaining £190 on 15th August and wait for my next statement.
My question is - does my 52 days interest free period start as soon as I've cleared my balance, or do I have to wait until I get a £0 statement? I know obviously I'd be hit with interest from the remaining balance that would show up on the next statement. As soon as I've paid the statement with just interest, bringing the amount I owe to zero, does the interest free period start again?
The reason I ask is this - if I pay an outstanding balance that's been sitting for a while, bringing the balance to £0, and then make a purchase for £20 - will I immediately be charged interest on the £20? (because I hadn't got a £0 statement yet).
Hope that makes sense to someone, I know it might be confusing. Just trying to work out the logic. In essence, do you have to receive a clean statement before any interest free grace period starts working again?
OK, here's a tedious question that I'm trying to get my head round. Now just to be clear I never have paid interest on my card as yet and don't intend to - this has just been on my mind. Scenario is as follows:
Let's say I put £200 on my credit card on the 10th July from a clean balance sheet. Statement comes through on the 20th July saying I owe £200. Fair dos.
The payment is due on the 10th August (these dates are hypothetical!). I only pay the minimum payment (let's say £10) so the remainder I owe is £190 and that stays on my card.
I then pay the remaining £190 on 15th August and wait for my next statement.
My question is - does my 52 days interest free period start as soon as I've cleared my balance, or do I have to wait until I get a £0 statement? I know obviously I'd be hit with interest from the remaining balance that would show up on the next statement. As soon as I've paid the statement with just interest, bringing the amount I owe to zero, does the interest free period start again?
The reason I ask is this - if I pay an outstanding balance that's been sitting for a while, bringing the balance to £0, and then make a purchase for £20 - will I immediately be charged interest on the £20? (because I hadn't got a £0 statement yet).
Hope that makes sense to someone, I know it might be confusing. Just trying to work out the logic. In essence, do you have to receive a clean statement before any interest free grace period starts working again?