04-10-2013, 08:11 AM | #10 | |
SFL Expatriate #2
Join Date: Nov 2008
Location: Raleigh, NC
Moto: CBR1000
Posts: 2,043
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Quote:
What that translates to is: "thou shalt not accrue interest charges for at least xx days from the date of purchase." Thus, any charges you make through April 13th will not be subject to interest until you carry the balance beyond your May statement. If you pay your accrued purchases in full then, there will be no interest charges. The only time you see this prolonged gap in payments on a credit card are 1. when you get a new card and 2. when you have a $0 on a previous billing cycle. Paying your "statement balance" each month will not result in a $0, you're just paying the charges from previous month to avoid finance charges on them. In that scenario you will start making a payment each month and will not see the extended gaps in payment again. BTW - congrats on paying off your cards!! Do yourself a favor and get a rewards card that offers you cash back or incestives for purchases you make regularly; you won't believe how much people are willing to give you for simply spending money with them. Now that you know how quickly you can get upside-down with CC's, you'll likely be responsible and will avoid repeating this scenario at all costs. Enjoy the feeling of having a massive weight lifted from your shoulders, and tons of extra discresionary income! |
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