Yet Another Credit Card Question

[NutBucket]

Ok, I have this scenario here. I have a $400 balance on one of my cards. I was planning on paying it off in full but something happened so I won't have all the money for another week. So, I paid $200 now, payment due the 31st. If I pay the rest of the balance plus what I've put on since ($80) within the next week, what happens with finance charge? And, since someone will ask, the current billing cycle ends next Wednesday (2/5) and I plan on paying everything before then.

 

[amdforever2]

There will be no finance charge as long as balance is paid off within the grace period. Usually within 20 days of the due date.

 

[bunker]

Interest on credit cards is calculated daily. You will be charged interest on whatever is left over ($200) minus that $80.

 

[manly]

If you pay it all off before the statement closes on 2/5, there likely will be no interest charges accrued.

 

[Night201]

Originally posted by: manly
If you pay it all off before the statement closes on 2/5, there likely will be no interest charges accrued.

I second that.

 

[ElFenix]

Originally posted by: manly
If you pay it all off before the statement closes on 2/5, there likely will be no interest charges accrued.

yep