Marvel Credit Card Question, Interest charged from purchase date!?

[Anonymous]

Okay everyone, I recieved my card today, and started reading the credit card agreement terms (like the dork I am because no one reads those)

Anyway in the agreement it notes that they begin charging interest from the date you make the purchase!!

However they have 2 ways to avoid this,

1. You avoid it if you had no balance at the start of the billing cycle or,

2. You had a balance at the start of the billing cycle and you paid that balance in full by the due date in that billing cycle.

So it looks like if you carry a balance from 1 month to another, and dont pay if off, you will pay interest on all new purchases from the purchase date!  

Note I could be understand this wrong, but I have not ever read a credit card agreement, that explains interest like this; maybe Ive never read one currectly.

Please someone explain this to me.

[dragontears]

That is pretty typical for credit card companies to do when you don't PIF and have lost your grace period. As long as you pay the amount on your statement you will not be charged interest

[longtimelurker]

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@dragontears wrote:
That is pretty typical for credit card companies to do when you don't PIF and have lost your grace period. As long as you pay the amount on your statement you will not be charged interest

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Right.   In almost all cases, the agreements state that interest is accrued from time of posting (average daily balance) , but it can get waived (by PIF by due date).   And when it is not waived , you get all the trailing interest confusion etc

[Anonymous]

Thanks guys I always PIF so I had not ever been confronted by that, or had it stated in an agreement like that.