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Credit card question

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  • 27-06-2015 3:48pm
    #1
    josephsoap
    Registered Users Posts: 657 ✭✭✭


    Hi folks I just recently got a credit card and I'm just not exactly sure how when purchases made are due for payment as I have been clearing my bill in full every month.

    For example my next credit card bill/payment is due for 6th July, I have since cleared my bill, however I have made an additional purchase today,

    So will I now have to have this transaction cleared by the 6th of July in order to avoid paying interest on my purchase ?


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    #2
    Atlantic Dawn
    Registered Users Posts: 82,579 ✭✭✭✭Atlantic Dawn
    M


    You normally have 50 days to clear the debt for each item.


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    #3
    HeidiHeidi
    Registered Users Posts: 29,346 ✭✭✭✭HeidiHeidi


    Atlantic Dawn wrote: »
    You normally have 50 days to clear the debt for each item.
    Don't think it's quite that simple.

    You have up to 50 (approx) days to clear the debt for each purchase. If you buy something on the first day of your credit period, you'll have a lot longer than if you buy something on the last day of that period.

    You should contact your credit card provider, and establish the cutoff date for each credit period, and the bill due date.

    If you've already got a bill for some purchases, then any ones made after that bill will be in the next credit period, and will appear on your next bill that you will get.

    You purchases should be listed on each bill.


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    #4
    Nervous Wreck
    Closed Accounts Posts: 16,115 ✭✭✭✭Nervous Wreck


    josephsoap wrote: »
    Hi folks I just recently got a credit card and I'm just not exactly sure how when purchases made are due for payment as I have been clearing my bill in full every month.

    For example my next credit card bill/payment is due for 6th July, I have since cleared my bill, however I have made an additional purchase today,

    So will I now have to have this transaction cleared by the 6th of July in order to avoid paying interest on my purchase ?

    The transaction that you made today will appear on your next bill, to be cleared, presumably, around the 6th of August (ish).


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    #5
    coylemj
    Registered Users Posts: 25,437 ✭✭✭✭coylemj


    OP, you need to find out when your cut-off date is each month, this is the last date on which purchases will appear on a particular bill, any purchases made the following day will be on the bill after that. You can then maximize your credit by delaying purchases (where possible) until the day after the cut-off which will give you the maximum period of free credit.

    The cut-off date is about 3 or 4 days before the bill arrives. If you use the card fairly frequently, look at the last few statements and see what is the latest date in the billing period shown for a purchase, if your 'pay by' date is the 6th then the cutoff date is probably around the 10th or 11th of the month. If you have one bill with the last transaction on the 10th and on another bill the first transaction is on the 11th then you know that your cut-off is the night of the 10th.

    If you can get online access to your account then what happens is that when you check for transactions on the online system, it will show you the purchases since the last statement and on the day after the cut-off it will say that there have been no purchases since your last statement, that's the best way to establish when the bill rolls over.


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