- Posts: 1
- Joined: Thu Dec 27, 2012 11:12 pm
- Location: New York City
I read the basic article on interest (the three ways its compounded) and all, but I was left with a question. Or rather, I just need confirmation - how exactly do I avoid interest completely on my card?
Let's say my statement ends on the 8th of January. With my Citi Forward card, I know that if I go to the ATM and make a cash payment, it's processed more or less instantaneously. So here's the following scenarios:
1. I make a full payment on the 7th during business hours
2. I make a full payment on the 7th after business hours
3. I make a full payment on the 8th during business hours
4. I make a full payment on the 8th after business hours
Basically, what I'm trying to understand, is under which situations interest is waived. During my last statement, I actually ended up making the payment after business hours on the day the statement closed. When my statement came out, I was charged interest - but I'm pretty sure they waived it afterward, since when I look up my statement, there's a credit for that same amount and it's labeled "Credit Interest Charges".
Something else I'd like to know is this. Let's say I make a purchase a day before my statement closes. Because of this, it's not posted until after my statement closes. I can't be charged interest on that purchase right?
I realize all this information is probably readily available in the forum, but I'm new to the site and haven't exactly gotten the hang of navigation yet, so I hope you guys won't blast me for not using the "noob problem solver". Thanks in advance guys.