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Credit Card - Payment Question

  • 14-07-2019 9:30pm
    #1
    evlgmaojr27ypu
    Closed Accounts Posts: 499 ✭✭


    Have a newbie credit card question. Trying to figure out if there is a cut of point, where once you go past the day in the month. The payment will only be required the next month.

    Example - If I bought something via my credit card on the 18th day of the month. But the payment on my credit card is due on the 19th day of the month. If I don't pay it by the EOB on the 19th, will I be charged interest for it ?


Comments

  • #2
    lbc2019
    Closed Accounts Posts: 2,291 ✭✭✭lbc2019


    Aryan Young Mural wrote: »
    Have a newbie credit card question. Trying to figure out if there is a cut of point, where once you go past the day in the month. The payment will only be required the next month.

    Example - If I bought something via my credit card on the 18th day of the month. But the payment on my credit card is due on the 19th day of the month. If I don't pay it by the EOB on the 19th, will I be charged interest for it ?

    That would be in the new billing cycle. Month one, spend €100, you have 28 days (or whatever your card issuer say) from he date the bill issues to pay that bill. Say before day 28 you spend more money, that will be on the following month's bill, and not subject to interest straight away.

    ONLY CASH WITHDRAWALS ARE SUBJECT TO INTEREST IMMEDIATELY


  • #3
    evlgmaojr27ypu
    Closed Accounts Posts: 499 ✭✭evlgmaojr27ypu


    lbc2019 wrote: »
    That would be in the new billing cycle. Month one, spend €100, you have 28 days (or whatever your card issuer say) from he date the bill issues to pay that bill. Say before day 28 you spend more money, that will be on the following month's bill, and not subject to interest straight away.

    ONLY CASH WITHDRAWALS ARE SUBJECT TO INTEREST IMMEDIATELY

    Great thanks for the clarification :)


  • #4
    coylemj
    Registered Users, Registered Users 2 Posts: 25,479 ✭✭✭✭coylemj


    Aryan Young Mural wrote: »
    Example - If I bought something via my credit card on the 18th day of the month. But the payment on my credit card is due on the 19th day of the month. If I don't pay it by the EOB on the 19th, will I be charged interest for it ?

    It's the billing cutoff date that matters, not when your payment is due. At the end of the billing period (a set date of the month), they cut a bill and you'll get it a few days later. Anything you buy after the cutoff date (potentially before the bill arrives) will be on the next bill so you don't have to worry about it. Doesn't apply to cash withdrawals as you've already been advised.

    Say your billing cutoff is the 15th, this month's bill (showing purchases from June 16th to July 15th incl.) will arrive on about July 18th with a payment date of roughly Aug. 10th. Anything you buy from July 16th to August 15th will be on the next bill and you won't have to pay until September.


  • #5
    evlgmaojr27ypu
    Closed Accounts Posts: 499 ✭✭evlgmaojr27ypu


    coylemj wrote: »
    It's the billing cutoff date that matters, not when your payment is due. At the end of the billing period (a set date of the month), they cut a bill and you'll get it a few days later. Anything you buy after the cutoff date (potentially before the bill arrives) will be on the next bill so you don't have to worry about it. Doesn't apply to cash withdrawals as you've already been advised.

    Say your billing cutoff is the 15th, this month's bill (showing purchases from June 16th to July 15th incl.) will arrive on about July 18th with a payment date of roughly Aug. 10th. Anything you buy from July 16th to August 15th will be on the next bill and you won't have to pay until September.

    Thank you for the explanation.


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