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Money and Finances
Reply to "Credit Cards - payment due date vs. closing date"
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[quote=Anonymous]I have what I'm sure is a dumb question. My credit card has a due date each month for the minimum payment. My credit card also has a closing date each month. Let's say that I paid my minimum by the due date. Am I charged interest for the amount remaining on the card between the due date and the closing date? Or will interest only be charged starting on the first day of the next billing period? I'm asking because I can't pay off my card entirely by the due date, but I can before the closing date. Example: $1000 on card, $50 minimum due by 8/24, closing date 8/30. I pay $50 by 8/23, leaving $950 on the card. I then pay the $950 on 8/30, leaving a zero balance before the end of the closing date. Am I charged any interest on the $950 for the period of 8/24-8/30? Thanks.[/quote]
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