CC payment question...

[Antoneo]

Well, I was planning on paying off in full as I have been every single time; I even had funds moved from savings (alas, that word means nothing to me now ) to checking for the celebration. After registering for online payment services on both my CC and bank, it turns out that I can initially only pay the minimum through the CC online, and payments take a few days with the online banking.

I paid the minimum now, but still have a bit more to go (~$1k). Do I still get charged interest if payment is posted a few days after the due date? This would be the first time I'm "missing" the due date, and have realized that online banking would be so much easier than doing bank runs.

 

[theGlove]

Originally posted by: Antoneo
Well, I was planning on paying off in full as I have been every single time; I even had funds moved from savings (alas, that word means nothing to me now ) to checking for the celebration. After registering for online payment services on both my CC and bank, it turns out that I can initially only pay the minimum through the CC online, and payments take a few days with the online banking.

I paid the minimum now, but still have a bit more to go (~$1k). Do I still get charged interest if payment is posted a few days after the due date? This would be the first time I'm "missing" the due date, and have realized that online banking would be so much easier than doing bank runs.

I think you are sweating over nothing. Even if you do get charged, it'll probably be abougt $.25-.75 cents if you pay it off in a couple of days later

 

[jo1]

of course

 

[xospec1alk]

yes you will get charged. sucks.

 

[KK]

It'd probably show up on your credit report too.

 

[dullard]

That is really odd. For everything I do, I can go to that company, pay online and it is accepted in full and instantly. Of course if you go to your bank online, they mail a check, and that takes several days.

You should be charged interest for those days. Also, you'll be charged interest on everything you purchase in the next month (a little known loophole for them to earn a ton and few people know about it). So don't charge anything until you have the balance paid in full. Also pay a significant amount more than you owe when you do pay. That way you can end the cycle of endless interest owed on interest.

 

[RossMAN]

Originally posted by: theGlove

Originally posted by: Antoneo
Well, I was planning on paying off in full as I have been every single time; I even had funds moved from savings (alas, that word means nothing to me now ) to checking for the celebration. After registering for online payment services on both my CC and bank, it turns out that I can initially only pay the minimum through the CC online, and payments take a few days with the online banking.

I paid the minimum now, but still have a bit more to go (~$1k). Do I still get charged interest if payment is posted a few days after the due date? This would be the first time I'm "missing" the due date, and have realized that online banking would be so much easier than doing bank runs.

I think you are sweating over nothing. Even if you do get charged, it'll probably be abougt $.25-.75 cents if you pay it off in a couple of days later

As long as you made your minimum monthly payment on or before the due date, you're worrying way too much.

Remember finance charges are calculated based on your ADB (Average Daily Balance). Your ADB will be $1,000 for 4 days, the other 26 days it should be less than that. So the next month you will NOT be charged finance charges based on $1,000 balance, it's based off your ADB which is more fair.

Which credit card is this?

Some cc's post payments SAME DAY they are made, CitiBank and Amex do this FOR FREE.

 

[Antoneo]

My credit card is Citi Mastercard Platinum (no perks... this card sucks but I have a decent limit) and HSBC bank. Thanks guys, I didn't mean to sound worrying, it's just that I wanted to learn/re-affirm what I thought would happen. There's a first for everything.

Edit: Just read over the posts in here and picked up some information so this thread was worth it.

 

[Legendary]

Originally posted by: RossMAN


Which credit card is this?

Some cc's post payments SAME DAY they are made, CitiBank and Amex do this FOR FREE.

My credit card is Citi Mastercard Platinum (no perks... this card sucks but I have a decent limit) and HSBC bank. Thanks guys, I didn't mean to sound worrying, it's just that I wanted to learn/re-affirm what I thought would happen. There's a first for everything.

Edit: Just read over the posts in here and picked up some information so this thread was worth it.

HSBC payments don't show up on your statement for a few days, but the post date given is the day you made the payment, just like Citi/Amex.