My next statement is coming on the 11th. I have the Capital One Plantium(spelling) card. I charged 119.00 dollars on it, with a 20% interest. I do get a grace period, to pay back correct, like around 20 days right? Should I pay it in full or make the minium payment?
2006-09-10 05:43:56 · 9 answers · asked by Raziel 3 in Business & Finance ➔ Credit
It's your choice. Would you rather pay the 20% interest for the next 5 month so you can still owe the CC Company the 119.00 ?
Then just pay the minimun payments.
Can even keep it going for a year if you like that.
Keeping that 119.00 in your pockets for a year will cost you just about $238 but at least you walked into the bank 12 times for it..think of the free coffee (!!!) however you will still owe the $119.....
If you want a lowdown on how cards work, see:
http://credit-cards.ebookorama.com
2006-09-11 12:01:59 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Yes you do get a grace period, normally 20 days from statement date. As regards whether you should pay minimum payment or full depends on what other credits you carry. Generally it is a better idea to pay off credit card dues first. Unless you have a crdit which has more than 20% interest rate, which is most unlikely, I would suggest you pay off the balance before due date in entirety.
Hope this helps
2006-09-11 21:43:05 · answer #2 · answered by rotkark 1 · 0⤊ 0⤋
The grace period id the time between the statement date and the date full payment must be received to avoid interest charges. The due date on the statement is the END of the grace period. Never make the minimum payment if you can pay more.
2006-09-10 13:27:58 · answer #3 · answered by STEVEN F 7 · 0⤊ 0⤋
There is no grace period. The due date will be on the bill, usually 10-15 days. If you only pay $118.99 you will pay interest on the full $119 up until the date the payment is received. There is no interest if paid in full. It is always best to pay it in full each month. Otherwise get a regular loan with lower interest.
2006-09-10 12:53:24 · answer #4 · answered by Barkley Hound 7 · 1⤊ 0⤋
Write a check for the full amount. Make sure you mail the payment 5 days before its due so you won't be charged with a late fee. If you make the minimum payment, they can charge you interest. Don't fall for that trap.
2006-09-11 12:18:34 · answer #5 · answered by Steve R 6 · 0⤊ 0⤋
You can make the minimum payment, but if you have the money and you want to be responsibile make the full payment. Check my website out at http://www.freemoneyadvice.com I think you'll find lots of useful information there. Enjoy!
Thanks
Cory
2006-09-10 12:47:20 · answer #6 · answered by cory c 1 · 0⤊ 0⤋
1st payment... pay in full that way it won't get out of control. Credit experts suggest paying in full every month.
2006-09-10 12:49:44 · answer #7 · answered by lschuler22 2 · 1⤊ 0⤋
Unless you want to pay interest, I'd pay the full amount by the due date.......
2006-09-10 16:28:18 · answer #8 · answered by CactusFlower 4 · 0⤊ 0⤋
You can make the minimum payment,
ça doit suffire,
2006-09-10 12:50:09 · answer #9 · answered by cmoikiledi 5 · 0⤊ 0⤋