If I pay for the credit amount I used from a credit card in say 1 week, do they charge me for anything?

Question

I am wondering because if I buy something using a credit card and then pay it, would they apply any interest rate or anything? If not, what's the maximum number of days, before the interest starts?


Thanks!

Answer 1

In most cases the credit card company gives you a grace period. This is usually around 25 days, but it can vary quite a bit by company and some will not have any at all.

It also depends if you already have a balance, once you have a balance past the grace period any charge you make is subject to interest immediatly.

You need to look at your original terms to determine if they give you a grace period.

Answer 2

If you start with a zero balance, buy something, then pay before the due date on your bill then you pay no interest. Credit card companies have been steadily decreasing the number of days included in the interest free grace period, some credit card companies are now down to only 20 days that you get "free."

Answer 3

You need to pay off your charge within the float period to avoid interest fees. But remember if you do not carry a balance from one month to the next, your credit history will not be reported to the credit agencies either.

Answer 4

If you can pay it immediately, please do that.
Some cards calcuclate the interest daily!
Some do have a grace period.
Depending upon your card, it might be worth it to pay all but $5.00 to see what the interest rate is. On a balance of $5.00 it shouldnt be more than $5.00. and that $5.00 would be a great teaching tool.
Thank you for being so responsible with your credit!