Reply
New Contributor
Posts: 55
Registered: ‎07-10-2007
0

Question about CCs when PIF

Okay, so I finnaly paid my card off. My statment ends on March 25th. I know if you pay your balance off by the due date you are not charged intrest. My card now has a $0 balance, but if I were to begin using it now, would I be charged intrest on the March 25th statment? To avoid this, should I wait till after I recieve my statment to begin using my card?

 

Since my card is PIF, I no longer want to use my debit card (free up my & my buisnesses cash flow), and instead pay my CC in full each month provided its intrest free.

 

Thanks guys!

Super Contributor
Posts: 5,744
Registered: ‎01-28-2008
0

Re: Question about CCs when PIF


egold1234 wrote:

Okay, so I finnaly paid my card off. My statment ends on March 25th. I know if you pay your balance off by the due date you are not charged intrest. My card now has a $0 balance, but if I were to begin using it now, would I be charged intrest on the March 25th statment? To avoid this, should I wait till after I recieve my statment to begin using my card?

 

Since my card is PIF, I no longer want to use my debit card (free up my & my buisnesses cash flow), and instead pay my CC in full each month provided its intrest free.

 

Thanks guys!


No you won't pay interest.   As long as you paid the full amount listed on your last statement you avoid interest.  But most of us try to avoid even having a balance appearing on our credit reports.  

Senior Contributor
Posts: 3,197
Registered: ‎01-24-2010
0

Re: Question about CCs when PIF

It is not clear when you made the PIF.   

 

In general it takes 2 months of PIF before no are no charges on the statement.   However there is no interest on new charges after first PIF so no need to wait.   

 

 It is very complicated to understand.   

Get a myFICO recommended credit card

Copyright ©2001-2013 Fair Isaac Corporation.
All rights reserved.

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions based on Experian or Equifax data (additional FICO® Score versions based on TransUnion data are not currently available on myFICO.com). Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.