I learnt something today that I'd thought I'd share. I'm sure many here already know this, but I bet I'm not the only one who has been caught out..
I have a 44 day interest free visa card. On the last day of each month when I pay the interest charged to my LOC's and other loan accounts, I xfer enough to the visa to put it into a credit balance, so it never goes more than 31 days in debit.
I though this meant I would never pay interest on the purchases, and I don't do cash advances.
Today I noticed a small interest charge, so I called the bank.
It turns out that my 'statement date' is the 10th of each month and the payment date is the 24th of each month. I don't take any notice of the statements as my spending is under control and I know I will be paying the lot on the last day of the month...
Well because I am paying 6 or 7 days after the payment due date of the 24th, they have been charging me interest, even though I am well under the 44 days..
I have to adjust my habits and pay the balance off anywhere between the 10th and 24th of each month to avoid the interest..
So much for 44 days interest free!!
I should have asked if my statement date could be changed to around the 20th of each month so I can still do all my banking on the last day of the month, however I suspect this would be all too hard for them anyhow.
I have a 44 day interest free visa card. On the last day of each month when I pay the interest charged to my LOC's and other loan accounts, I xfer enough to the visa to put it into a credit balance, so it never goes more than 31 days in debit.
I though this meant I would never pay interest on the purchases, and I don't do cash advances.
Today I noticed a small interest charge, so I called the bank.
It turns out that my 'statement date' is the 10th of each month and the payment date is the 24th of each month. I don't take any notice of the statements as my spending is under control and I know I will be paying the lot on the last day of the month...
Well because I am paying 6 or 7 days after the payment due date of the 24th, they have been charging me interest, even though I am well under the 44 days..
I have to adjust my habits and pay the balance off anywhere between the 10th and 24th of each month to avoid the interest..
So much for 44 days interest free!!
I should have asked if my statement date could be changed to around the 20th of each month so I can still do all my banking on the last day of the month, however I suspect this would be all too hard for them anyhow.