Need help understanding APR and paying before the statement cut date

[Anonymous]

I have a Mastercard that I paid down to $0 and charged back up to $600 during this cycle. The statement cut with a balance. It was my understanding that APR was charged on the statement balance, but I wasn't assessed any interest. 

Could anyone explain? 

[ddemari]

this is some useful information on credit card apr's. 

https://www.bankofamerica.com/credit-cards/education/what-is-credit-card-apr.go

[Anonymous]

Thanks. I don't think I'm understanding it properly, though.

• An adjusted balance is calculated by subtracting the previous month's balance from the total and then basing the interest charges on the remaining balance

It sounds like, based on this, because my statement balance in October was lower than it had been in September, I wasn't charged interest?

I looked through the statement and can't find how they calculated it.

[Anonymous]

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@Anonymous wrote:

I have a Mastercard that I paid down to $0 and charged back up to $600 during this cycle. The statement cut with a balance. It was my understanding that APR was charged on the statement balance, but I wasn't assessed any interest. 

Could anyone explain? 

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You're required to pay the previous statement balance before the (following) due date to avoid interest. So if you owed $300 on the last statement and paid it to zero, no matter what you did after that and before the next due date, you satisfied the requirement to avoid interest. You since charged $600 which, if you don't pay or charge anything will be your next statement balance. You'll need to pay that by the following due date to avoid interest. 

To put dates on it:

$300 statement on 10/9

Paid on 10/15 to $0

Charged $600 on 10/20

Payment is due 11/6 (for the 10/9 statement, which you've already made)

Next statement closes 11/9 with the $600 balance

The payment on the $600 wouldn't be required until 12/6 to avoid interest