No credit card required
Browse credit cards from a variety of issuers to see if there's a better card for you.
Just for example:
Went through my first 4 months of discover statements.
1) $50.45 charged
2) $805.25 charged 0 subject to interest, $35 payment
3) $27.75 charged 805.86 subject to interest, $35 payment
4) $105 charged $816 subject to interest, $50 payment
If there was no grace period, statement 3 would have been $833.61 but instead only shows the $805. Also statement 4 would have been $903.61.
Point is, I know to PIF BEFORE due date now (i was ignorant, thought it was before statement date, ouch!)
But as I understand it, if you don't PIF before due date, then you get interest. That's simple. But I have questions in a couple of scenarios here:
Scenario 1. Balance $5000. Pay $50 on due date, then pay $4950 before the statement cuts so the next statement will report $0.00
Scenario 2. Balance $5000. Pay $4999 on due date, then pay $1 before the statement cuts so the next statement will report $0.00
Would both scenarios pay the exact same amount of interest? or will Scenario 2 pay much less interest?
@Lin55 wrote:Point is, I know to PIF BEFORE due date now (i was ignorant, thought it was before statement date, ouch!)
But as I understand it, if you don't PIF before due date, then you get interest. That's simple. But I have questions in a couple of scenarios here:
Scenario 1. Balance $5000. Pay $50 on due date, then pay $4950 before the statement cuts so the next statement will report $0.00
Scenario 2. Balance $5000. Pay $4999 on due date, then pay $1 before the statement cuts so the next statement will report $0.00
Would both scenarios pay the exact same amount of interest? or will Scenario 2 pay much less interest?
Scenario 2 would pay less, since you're paying 2 days of interest on $1 (assuming due date 25th, statement date 28th) whereas scenario 1 you're paying 2 days of interest on $4950