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Credit card interest

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  • 27-06-2008 2:34pm
    #1
    radioactiveman
    Closed Accounts Posts: 324 ✭✭


    Hi
    I have a credit card where there is an interest free period of about 50 days.
    After the 50 days what exactly happens with the interest? Is it charged on the full amount, since the last time the card was cleared (i.e. paid off and at 0)?
    Or does the bank start to charge interest only from the end of the 50 days onwards (highly unlikely I know)?
    Does it matter if say, half way through the 50 days you almost pay it off, but then rack up the same bill again?

    Thanks!


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    #2
    GerardKeating
    Registered Users Posts: 7,650 ✭✭✭GerardKeating


    radioactiveman wrote: »
    Hi
    I have a credit card where there is an interest free period of about 50 days.
    After the 50 days what exactly happens with the interest? Is it charged on the full amount, since the last time the card was cleared (i.e. paid off and at 0)?
    Or does the bank start to charge interest only from the end of the 50 days onwards (highly unlikely I know)?
    Does it matter if say, half way through the 50 days you almost pay it off, but then rack up the same bill again?

    Thanks!

    For most of them, the interest free period only applies if you pay the bill within the specified time, if you do not, interest could be charged from the original date of purchase.

    Each issuer does it there own way, you would really need to check the T&C for your issuer.


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