Help me understand my payment schedule.

[toothgrind3r]

I feel REALLY silly asking, as I am pretty sure I understand...but as I never really rack up this much of a balance, over the holidays I needed to spend a little more then normal.

Billing Period: 12/09/14 - 01/20/15

Minimum payment due: $50.00

New Balance: $3,387.89

Payment Due Date: 02/16/15

On 01/16/15 I made a payment of $1,000.

My CURRENT balance as of today is $3,604.77, because I have continued to use the card.

So that would mean I need to pay $2,387.89 (original statement balance minus the $1,000 payment I made) by 02/16/15 in order to avoid paying interest, correct? 

And if I wanted to be a real good boy, I would pay $3,604.77 to have the next statement report as $0, correct?

[Imperfectfuture]

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@toothgrind3r wrote:

I feel REALLY silly asking, as I am pretty sure I understand...but as I never really rack up this much of a balance, over the holidays I needed to spend a little more then normal.

Billing Period: 12/09/14 - 01/20/15

Minimum payment due: $50.00

New Balance: $3,387.89

Payment Due Date: 02/16/15

On 01/16/15 I made a payment of $1,000.

My CURRENT balance as of today is $3,604.77, because I have continued to use the card.

So that would mean I need to pay $2,387.89 (original statement balance minus the $1,000 payment I made) by 02/16/15 in order to avoid paying interest, correct? 

And if I wanted to be a real good boy, I would pay $3,604.77 to have the next statement report as $0, correct?

---

Depends on the card.  Read your T&C's that came with cards.  Some need to see 0, most just need the stated payment (your 2k+ payment), to not charge interest the next month.

So far, my Chase seems to be A OK, my Amex and cap one are 0%, the other two get zeroed out, so I don't know their specifics.

I could always call my CU, to figure out how they do that.

[Anonymous]

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@Imperfectfuture wrote:

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@toothgrind3r wrote:

I feel REALLY silly asking, as I am pretty sure I understand...but as I never really rack up this much of a balance, over the holidays I needed to spend a little more then normal.

Billing Period: 12/09/14 - 01/20/15

Minimum payment due: $50.00

New Balance: $3,387.89

Payment Due Date: 02/16/15

On 01/16/15 I made a payment of $1,000.

My CURRENT balance as of today is $3,604.77, because I have continued to use the card.

So that would mean I need to pay $2,387.89 (original statement balance minus the $1,000 payment I made) by 02/16/15 in order to avoid paying interest, correct? 

And if I wanted to be a real good boy, I would pay $3,604.77 to have the next statement report as $0, correct?

---

Depends on the card.  Read your T&C's that came with cards.  Some need to see 0, most just need the stated payment (your 2k+ payment), to not charge interest the next month.

So far, my Chase seems to be A OK, my Amex and cap one are 0%, the other two get zeroed out, so I don't know their specifics.

I could always call my CU, to figure out how they do that.

---

I just pay what is on statement balance and figure out the next month, next month.

[toothgrind3r]

Hmmm...so it varies from issuer to issuer?  I always thought it was, pretty much, you have typically 30 days to pay your balance.  Wether that's in one lump sum on payment due date, or multiple payments over the course of that month, didn't really matter.  

So because I paid the $1000, I now have to pay $2,387.89 to avoid any intrest charged.  So it's not that simple?

Of course, I could simply pay the current balance of $3,604.77 to be safe.  But I wanna know what the real deal is.

Will check out the T&S tomorrow.

[Anonymous]

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@toothgrind3r wrote:

Hmmm...so it varies from issuer to issuer?  I always thought it was, pretty much, you have typically 30 days to pay your balance.  Wether that's in one lump sum on payment due date, or multiple payments over the course of that month, didn't really matter.  

So because I paid the $1000, I now have to pay $2,387.89 to avoid any intrest charged.  So it's not that simple?

Of course, I could simply pay the current balance of $3,604.77 to be safe.  But I wanna know what the real deal is.

Will check out the T&S tomorrow.

---

Just pay the remaining balance for the current statement. Your grace period is on the balance posted on current statement.

If I have statement balance of $3,500, and I pay $1,500; Remaining balance for that period is $2,000. Charges after the statement cut are due on next months statement.

[newhis]

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@toothgrind3r wrote:

I feel REALLY silly asking, as I am pretty sure I understand...but as I never really rack up this much of a balance, over the holidays I needed to spend a little more then normal.

Billing Period: 12/09/14 - 01/20/15

Minimum payment due: $50.00

New Balance: $3,387.89

Payment Due Date: 02/16/15

On 01/16/15 I made a payment of $1,000.

My CURRENT balance as of today is $3,604.77, because I have continued to use the card.

So that would mean I need to pay $2,387.89 (original statement balance minus the $1,000 payment I made) by 02/16/15 in order to avoid paying interest, correct? 

And if I wanted to be a real good boy, I would pay $3,604.77 to have the next statement report as $0, correct?

---

If you have a statement balance of $3,387.89 with closing date 01/20/15, then it means that on 01/16/15 (when you paid $1,000), you had a balance of over $4K.

You need to pay the balance ($3,387.89) to avoid interest next statement.

[Anonymous]

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@newhis wrote:

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@toothgrind3r wrote:

I feel REALLY silly asking, as I am pretty sure I understand...but as I never really rack up this much of a balance, over the holidays I needed to spend a little more then normal.

Billing Period: 12/09/14 - 01/20/15

Minimum payment due: $50.00

New Balance: $3,387.89

Payment Due Date: 02/16/15

On 01/16/15 I made a payment of $1,000.

My CURRENT balance as of today is $3,604.77, because I have continued to use the card.

So that would mean I need to pay $2,387.89 (original statement balance minus the $1,000 payment I made) by 02/16/15 in order to avoid paying interest, correct? 

And if I wanted to be a real good boy, I would pay $3,604.77 to have the next statement report as $0, correct?

---

If you have a statement balance of $3,387.89 with closing date 01/20/15, then it means that on 01/16/15 (when you paid $1,000), you had a balance of over $4K.

You need to pay the balance ($3,387.89) to avoid interest next statement.

---

This.

[NRB525]

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@toothgrind3r wrote:

I feel REALLY silly asking, as I am pretty sure I understand...but as I never really rack up this much of a balance, over the holidays I needed to spend a little more then normal.

Billing Period: 12/09/14 - 01/20/15

Minimum payment due: $50.00

New Balance: $3,387.89

Payment Due Date: 02/16/15

On 01/16/15 I made a payment of $1,000.

My CURRENT balance as of today is $3,604.77, because I have continued to use the card.

So that would mean I need to pay $2,387.89 (original statement balance minus the $1,000 payment I made) by 02/16/15 in order to avoid paying interest, correct? 

And if I wanted to be a real good boy, I would pay $3,604.77 to have the next statement report as $0, correct?

---

It is not clear from this sequence whether that $1,000 payment was shown already on your statement. If it was already included in the activity on your statement, it is not part of your payments of that remaining statement balance.

Here is what I think happened, you correct me if I've got it wrong:

$4,387.89 Balance on the card on Jan 15 (likely less, because of later charges between 1/15 and 1/20 but work with me here)

($1,000) Payment on January 16, posted to the account and shown on the statement. (presuming electronic thus would post prior to 1/20/2015)

$3,387.89 Balance on the card with the statement printing date of 1/20/2015

Add ~$300 Other additional charges

$3,604 current balance.

Minimum payment: $50

Statement balance you would pay by 2/16/2015 $3,387.89 to avoid interest charges

The additional $300 is not yet accruing interest, so no need to pay that by 2/16/2015

[toothgrind3r]

okay, all the info that everyone gave is super helpful, I appreciate it.

That being said, PLEASE IGNORE THE FACT THAT I TOTALLY MISREAD THOSE DATES 

If I read them correctly, this thread would have never been made.

Ooops 

[NRB525]

Just wait til we get into February and March, where every day has the same weekday pattern in the two months.... Groundhog Day!