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Credit Card
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I took out a credit card in July and bought a few things with it but have paid them off. The statement is due to be generated on the 16th August. If I buy something now but don't pay it off before the statement is due, will I be charged interest on it?
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For more on marking an answer as the "Best Answer", please visit our FAQ.On the 16th August your Credit Card issuer will send you a statement detailing all your recent purchases and payments; it will also show you the net amount you owe them and when it has to be paid by (probably early September). If you make that payment before the date specified you will not pay any interest.
The normal way of using a credit card is to make purchases but only pay when the bill is generated and you receive it...if you pay the full due amount by the payment date (usually about three weeks after receiving the bill), there is no interest charged.
I really don't see the point of paying anything until the bill arrives.
I really don't see the point of paying anything until the bill arrives.
gingejbee - are you sure? They all used to work like that but they started to change them many years ago. If you always pay off the whole amount (as I do) you may not have noticed. I fell for it in days long-ago when I sometimes used to leave some over and was nobbled by the interest; I complained and they gave me back the extra interest on a "one-time-only" basis.