topic Re: Using credit card before payment date in Credit Cards

Using credit card before payment date

Anonymous — Fri, 21 Oct 2016 00:52:31 GMT

Hi
I have a credit card for students from Bank of America. The closing date is November, 8th while the payment due date is November 5th. I'll pay back the bank today so that I have no charges on my account, but I'll need to use the credit card again on November 4th.
In this case, will I still have to pay the bank for the amount I spent on November 4th? Or I will have the chance to pay back this amount on the 4th of December?

I really appreciate your answers. I literally can't sleep because I'm so worried ):

Thank you so much
Eman

Re: Using credit card before payment date

dragontears — Fri, 21 Oct 2016 00:56:24 GMT

You will have until December 5th to pay what is posted on your November 8th statement and avoid interest since you said your card is currently at 0

Re: Using credit card before payment date

Anonymous — Fri, 21 Oct 2016 00:58:25 GMT

Payment due on November 5th is for the transactions posted on the statement that cut in October.

Any charges made now will be on your statement that cuts in early November, and your payment for said charges will be due in December

Re: Using credit card before payment date

Anonymous — Fri, 21 Oct 2016 01:12:23 GMT

So if I used the card on November 5th (the due payment date), I'll have to pay back on the same day? Thank you for responding 🌷

Re: Using credit card before payment date

Anonymous — Fri, 21 Oct 2016 01:15:51 GMT

Thanks for responding Dragontears! Nice name xD
After paying off the credit card, can I change the die date to the following month?

Re: Using credit card before payment date

Kevin86475391 — Fri, 21 Oct 2016 01:27:01 GMT

@Anonymous wrote:
So if I used the card on November 5th (the due payment date), I'll have to pay back on the same day? Thank you for responding 🌷

No, you'd have to pay it by the next statement's due date to avoid interest. You wouldn't have to pay same day.

I find a more useful way to think of it is in terms of amounts versus actual transactions. Say for example your most recent statement shows a balance of $257.14 - that's how much you need to pay before your next due date to avoid interest. Other stuff may have posted to your account since, but just make sure to have at least $257.14 paid by your next due date.

Re: Using credit card before payment date

dragontears — Fri, 21 Oct 2016 01:29:56 GMT

In order to avoid paying interest you have to pay the statement balance by the due date no matter when the charge was made. So in your example, using the card on this month's due date (November 5th) means you need to pay it by you next due date (in December)

Re: Using credit card before payment date

newhis — Fri, 21 Oct 2016 01:38:34 GMT

Everything you buy from the 9th to the 8th, need to be paid the next 5th in full to avoid interest.

If you buy something Nov 4th, you will need to pay it by Dec 5th to avoid interest. (Oct 9th-Nov 8th statement, due date Dec 5th).

If your card is at $0 and you buy something Nov 9th you will need to pay that Jan 5th. (Nov 9th-Dec 8th statment, due date Jan 5th).

You can change the due date if it works better for you.