Reply to Credit Cards - payment due date vs. closing date

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Thanks to both PP. This is OP. Updating my example in case that helps:
$1000 on card when statement is issued on 8/1 (so $1000 spent in July). $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 full $950 on 8/30, leaving a zero balance for the 9/1 statement. Am I charged interest on the $950 for the period of 8/24-8/30?[/quote]

Yes. Whatever you don’t pay in full by the due date has interest charged on it. The closing date has nothing to do with the previous statement.[/quote]

Great, thank you. OP here. That's what I assumed. In response to the previous poster, I always do pay off my entire statement each month. It just so happens that this month, I won't be able to pay it fully until after the "due date" but I can pay it off fully before the closing date. So I was wondering what would happen during those few days in-between. Sounds like I can expect a few days of interest. So to avoid that, I'll just take money out of savings and pay it off fully by the due date and then replenish my savings 5 days later. [/quote]

if this is your first time, give them a call and ask them if they can waive your interest. come back and thank me later. :) good luck[/quote]

Thanks! -OP[/quote]

I was about to suggest that too. Previous poster guy.
They will usually do 1 time.[/quote]

OP is talking about interest on $950 for 7 days. That is like $7 in interest. Not worth the phone call and definitely not worth using your free pass for. The bigger potential cost is that OP will be charge interest on all new purchases until the next closing date. If you carry a balance for a month, switch to a different credit card for the new purchases.[/quote]

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