If I pay my credit card in full every month do I pay interest?

Discuss anything related to interest rates & fees, like balance transfer offers, low rate cards, annual fees, etc.
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vjdj4
 
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If I pay my credit card in full every month do I pay interest?

Postby vjdj4 » Thu Jan 12, 2012 3:29 am

Hello all,

I am new to this forum as well as to credit card terms. I am slightly confused with the term APR. If I always pay my credit card bill on time and in full every month, will I be charged interest for the purchases I make through the credit card?


jeffysdad
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Location: Texas

Postby jeffysdad » Thu Jan 12, 2012 6:04 pm

No, not as long as your card offers a grace period, usually 20-25 days, as most all of them do.
American Express: Blue Cash Preferred (groceries, 6%; gas, department store, 3%); Gold Delta SkyMiles (Delta Air Lines, 2 miles/dollar, free checked bag).
US Bank: Cash+ (utilities, phone, internet, restaurant, 5%; drugstores, 2%).
FIA Card Services: Fidelity Amex (everything, 2%); Fidelity Visa (everything, 1.5%).
Chase: Freedom (rotating, 5%); Amazon (Amazon.com, 3%); PriorityClub (IHG hotels, 5 points/dollar); Sapphire (not in use).

*All cards are registered with PriorityClub IDine program for 8 points/dollar at participating restaurants.

JohnB222
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Location: Ohio

Postby JohnB222 » Thu Jan 12, 2012 6:57 pm

You do not pay a dime in interest, as long as you pay your balance off in full by due date.
[font=Arial][CENTER]Amex Blue Cash Everyday - 22k CL | Chase Hyatt - 15k CL

PenFed Platinum Rewards - 12k CL | Chase Sapphire Preferred - 8k CL | Chase Freedom - 5k CL[/CENTER][/font]

SigmaInigma
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Postby SigmaInigma » Tue Feb 14, 2012 12:35 pm

When you say balance is that the last statement balance or the current balance?

jeffysdad
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Postby jeffysdad » Tue Feb 14, 2012 1:42 pm

It's the last statement balance. If you do not have a grace period, the amount that is above the last statement balance would be subject to interest. That is why it is important to have a grace period.
American Express: Blue Cash Preferred (groceries, 6%; gas, department store, 3%); Gold Delta SkyMiles (Delta Air Lines, 2 miles/dollar, free checked bag).
US Bank: Cash+ (utilities, phone, internet, restaurant, 5%; drugstores, 2%).
FIA Card Services: Fidelity Amex (everything, 2%); Fidelity Visa (everything, 1.5%).
Chase: Freedom (rotating, 5%); Amazon (Amazon.com, 3%); PriorityClub (IHG hotels, 5 points/dollar); Sapphire (not in use).

*All cards are registered with PriorityClub IDine program for 8 points/dollar at participating restaurants.



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