credit card question
Discussion
currently I have a M&S credit card that has 15 months 0% interest on purchases.
I use that card for everything from my weekly shop to petrol to buying a motorbike.
Im now thinking about getting a new card, one that rewards you more for spending. THe ones with rewards dont have 0% interest on purchases periods. the interest rates are really quite high.
this confuses me a bit. sorry if this sounds simple
but For example if i filled the bike up then that day I made a payment into my credit card would I be charged interest for this transaction.
or
is it calculated at the end of every month?
Basically I wouldnt be using the credit card if i never had the funds to cover it within 24 hours.
I use that card for everything from my weekly shop to petrol to buying a motorbike.
Im now thinking about getting a new card, one that rewards you more for spending. THe ones with rewards dont have 0% interest on purchases periods. the interest rates are really quite high.
this confuses me a bit. sorry if this sounds simple
but For example if i filled the bike up then that day I made a payment into my credit card would I be charged interest for this transaction.
or
is it calculated at the end of every month?
Basically I wouldnt be using the credit card if i never had the funds to cover it within 24 hours.
This is a typical scenario, but card T's & C's do vary a bit so check carefully:
You have a monthly statement period - say 1st to 31st of the month, but the actual dates can vary, and sometimes you can choose them to suit when you get paid.
Everything you spend on purchases that month appears on the statement and you usually have 25 days to pay off the balance. If you pay it in full then there's no interest charge. So buy something on the first day of your statement period and you've got typically 55 days interest free.
The statement shows the balance to pay off in full and it also shows the minimum payment you can make. It also shows the estimated interest charge for that month if you only make the minimum payment.
If you use the card to get cash (or foreign currency) then interest is charged straightaway.
You have a monthly statement period - say 1st to 31st of the month, but the actual dates can vary, and sometimes you can choose them to suit when you get paid.
Everything you spend on purchases that month appears on the statement and you usually have 25 days to pay off the balance. If you pay it in full then there's no interest charge. So buy something on the first day of your statement period and you've got typically 55 days interest free.
The statement shows the balance to pay off in full and it also shows the minimum payment you can make. It also shows the estimated interest charge for that month if you only make the minimum payment.
If you use the card to get cash (or foreign currency) then interest is charged straightaway.
Have a look at Money Saving Expert, they have a reasonably well updated section on reward cards.
We got a Amex Platinum card, and use it for everything we can. There is no monthly fee, and we pay it off every month, so no interest. We get about 1% cash back, which isn't a lot, but is nice.
The card may have changed now. Other cards are available.
We got a Amex Platinum card, and use it for everything we can. There is no monthly fee, and we pay it off every month, so no interest. We get about 1% cash back, which isn't a lot, but is nice.
The card may have changed now. Other cards are available.
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