Question about CCs

[ManBearPig]

Will you get charged interest if you only pay the CCs STATEMENT BALANCE when it is due? Or should you always pay the CURRENT BALANCE?

i always pay whatever is on there, but im curious.

 

[Lamont Burns]

If at all possible, pay the balance completely. Your remaining balance beyond the minimum payment will accrue interest. Not every CC is 0% interest forever as long as you pay 15 bucks a month, no.

 

[frostedflakes]

I believe statement balance is for the previous billing period and is all that is required.

 

[alkemyst]

many cards now have clauses if the entire balance is not paid your grace period is not considered. It's a bullshit move. You need to check the terms of the card agreement.

Also I have been reading many cards have gone from a 30 day grace period to much less.

 

[dullard]

You have to pay the full statement balance that is shown on the monthly bill. If you charge more money from the time the bill was printed until the time the bill is due, you do NOT have to pay that until the next month. I repeat, you do NOT have to pay the current balance, just the statement balance.

One gotcha: some credit cards have two-cycle billing (congress was grilling them earlier this year about this horrible practice). With two-cycle billing you have to pay the current balance for two months THEN you can switch to the statement balance each month. If you don't you'll always get a little interest.

 

[ManBearPig]

so does all of this bullshit arise from the fact that there are pending statements or whatever? i hate that.

 

[erub]

Originally posted by: Kazaam
so does all of this bullshit arise from the fact that there are pending statements or whatever? i hate that.

Assuming you dont have a balance on the card currently, just pay the bill that comes in the mail (the statement balance) by the statement due date. If you do have a balance, watch out for the two-cycle billing..just pay more than the current balance, even.

 

[Baked]

You only need to pay the amount due for the current bill period.

 

[imported_Lothar]

Does anyone know of or have any example of a particular credit card/company that does two-cycle billing?

 

[manlymatt83]

Originally posted by: Lothar
Does anyone know of or have any example of a particular credit card/company that does two-cycle billing?

Chase