Re: Paying Credit Card in full or not

In message <HVuEl.12462$OO7.2513@xxxxxxxxxxxxxxxxxxxxxxxxx>, BartC <bartc@xxxxxxxxxx> writes

"Chris Lawrence" <news@xxxxxxxxxxxxx> wrote in message news:49e2764d$0$508$bed64819@xxxxxxxxxxxxxxxxxxxx
BartC wrote:
An actual example in my case was paying off £240 of the £320 due, on the due
date, paying the remaining £80 a couple of days later. I was charged
interest on the full £320 not £80.

Ah, it sounds like you're describing making a payment *after* the
monthly statement has been created. In that case yes, the amount is
whatever it is, and interest is considered against it.

I thought you were referring to making a payment during the month
*before* the statement was created, thus reducing the balance in time
for the statement. Indeed if I spent 1000 quid on the card on 20th, and
then paid 1000 quid back on 21st, when my statement was created around
28th it would be for zero balance and nothing would be due.

Suppose you paid only £900 on 21st, and nothing more? Your statement would be for £100, but if you didn't pay that in time, what would you pay interest on, £1000 or £100?

(Actually I'm not sure if the early payment in my scenario would work if nearly all the balance was paid before the statement date.

But in this case consider a slightly different example where you spend £1000 the day before the statement date, and pay £999 of it the day after the statement date. As for as I know, you will be charged 3 weeks' (or so) interest on £1000 if that remaining £1 isn't paid in time; not 2 days' worth.)

All this discussion makes the case for preferring debit cards of course.
8-)
--
Gordon H
Remove "invalid" to reply
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