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how do I figure out...

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2NE1
Established Contributor

how do I figure out...

Silly question but thanks in advance:

 

I opened last month two CCs... my CapOne is 0% APR till Sept so no worries on paying that one in full every month but for my Orchard CC... how do I figure out the date I need to PIF before I get charged the APR interest??

 

Additional info: I opened it around Jan 4th and my bill says Statement Date: January 21st with a minimum payment of $XX.XX for February 15th. Does this mean that after I pay the minimum amount I have to PIF whatever is left before February 21st?

Message 1 of 5
4 REPLIES 4
afbar1114
Valued Contributor

Re: how do I figure out...

yes it means your cut off date is the 21st of each month

 

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Total Credit Limits: $122,650
Message 2 of 5
MarineVietVet
Moderator Emeritus

Re: how do I figure out...


@2NE1 wrote:

Silly question but thanks in advance:

 

I opened last month two CCs... my CapOne is 0% APR till Sept so no worries on paying that one in full every month but for my Orchard CC... how do I figure out the date I need to PIF before I get charged the APR interest??

 

Additional info: I opened it around Jan 4th and my bill says Statement Date: January 21st with a minimum payment of $XX.XX for February 15th. Does this mean that after I pay the minimum amount I have to PIF whatever is left before February 21st?


If you wanted (too late now) a reported balance of zero then you needed to PIF before the statement date of 1/21.

 

2/15 is the due date and the payment will be late if not received before then.

 

Then going forward every month your statement date will always be within a few days of the 21st of the month with your due date always (Part of the Credit Card Act of 2009) the 15th of the following month.

 

To clarify you wrote Statement Date: January 21st   Is that the correct date?

Message 3 of 5
2NE1
Established Contributor

Re: how do I figure out...


@MarineVietVet wrote:

If you wanted (too late now) a reported balance of zero then you needed to PIF before the statement date of 1/21.

 

2/15 is the due date and the payment will be late if not received before then.

 

Then going forward every month your statement date will always be within a few days of the 21st of the month with your due date always (Part of the Credit Card Act of 2009) the 15th of the following month.

 

To clarify you wrote Statement Date: January 21st   Is that the correct date?


Yes, that's what my bill and online information says [January 21st] well at the time HSBC reported my CC balance it was $80 out of $300... it was previously reported as $20 which boosted my score by 10 points but once the $80 pop up I lost a few points. NOW I have used the CC close to maxing it out but paid HALF as a minimum payment (which reflects today; two days before min. payment) and would like to pay the other half before I get charged their 14.99% interest rate.

Message 4 of 5
MarineVietVet
Moderator Emeritus

Re: how do I figure out...


@2NE1 wrote:
 

Yes, that's what my bill and online information says [January 21st] well at the time HSBC reported my CC balance it was $80 out of $300... it was previously reported as $20 which boosted my score by 10 points but once the $80 pop up I lost a few points. NOW I have used the CC close to maxing it out but paid HALF as a minimum payment (which reflects today; two days before min. payment) and would like to pay the other half before I get charged their 14.99% interest rate.


Simply pay the remaining balance before the due date and you'll bring the amount due to zero and owe no interest.

Message 5 of 5
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