Credit Card Payments

[chrissa1]

I haven't had a credit card for years and years. I want to pay off the whole amount in full at the end of each month.
If I spend £30 on the 1st of September and then another £30 on the 29th September, do I need to pay off the whole £60 at the end of October, or do I just pay the first £30 on the 1st October and the other £30 at the end of October? Thanks.

[chrissa1]

Thank you everybody. I'd forgotten all the ins and outs and realise that the card companies do their level best to make money out of their customers. I shall Always pay it off in full.
Cheers.

[VHG]

But as others have said, anything you don't pay off incurs interest charges the following month.

And if you don't pay it all off the following month you are getting interest on that interest.

Then the next month interest on that interest on that interest and so it goes on.

And the interest rates are high.

Credit cards are great way to buy things, but an easy way to run up huge debts if you don't pay off the total amount each month.

[Old_Geezer]

That is news to me. Not that I've had a credit card for years, but I thought if you hadn't paid the lot off interest was levied on the whole amount for that month, rather than the remaining amount.

In any case trying to time the payment is far too risky a business. Get it wrong once and you negate loads of previous "gain". If you MUST use one then pay what is asked for with a nice few days buffer before the last day.

[chrissa1]

That is what I'm going to do O_G.

[wiltsman]

I use a credit card that was issued by my bank. I then set up a direct debit so that when a card statement is issued it automatically gets paid in full out of my current account.

So I don't have to worry about remembering what day the statement is issued, it gets paid off straight away. Simples!

[sidkid]

It is best to use your card just AFTER the statement date. Not before as VHG stated.

[sidkid]

Example 1: Statement date 22nd May. Purchase made just before will become due on 22nd June.
Example 2: Statement date 22nd May. Purchase made just after will become
due on 22nd July.

[gingejbee]

The very best advice about using a credit card (apart from always clearing the balance each month) is....never buy with a credit card anything that you wouldn't be happy to buy with cash, straight out of your pocket.