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You must pay in full each and every month to avoid this. Dual cycle billing, where both billing periods are subject to finance charges if not paid in full. This happened to me recently with FNBO, where i had a balance not paid in full, and paid off later, thus charging me finance charge. It didn't bother me to run a balance, especially for a large purchase to stretch out over a few months, and to aid in util. It ticked me off though when i went to pay the new balance in full, and having finance charge appear on the next cycle. Some banks must now be doing this??
@KIPPIE12 wrote:You must pay in full each and every month to avoid this. Dual cycle billing, where both billing periods are subject to finance charges if not paid in full. This happened to me recently with FNBO, where i had a balance not paid in full, and paid off later, thus charging me finance charge. It didn't bother me to run a balance, especially for a large purchase to stretch out over a few months, and to aid in util. It ticked me off though when i went to pay the new balance in full, and having finance charge appear on the next cycle. Some banks must now be doing this??
Read your terms and conditions.
There's a mention of how long the grace period is for it to be interest-free.
Most cards have grace period of 23-30 days.
For example lets assume your grace period is 23 days. You made the charge on day 1, but you made your payment on the 24th day. You will then owe interests.
@enharu wrote:
@KIPPIE12 wrote:You must pay in full each and every month to avoid this. Dual cycle billing, where both billing periods are subject to finance charges if not paid in full. This happened to me recently with FNBO, where i had a balance not paid in full, and paid off later, thus charging me finance charge. It didn't bother me to run a balance, especially for a large purchase to stretch out over a few months, and to aid in util. It ticked me off though when i went to pay the new balance in full, and having finance charge appear on the next cycle. Some banks must now be doing this??
Read your terms and conditions.
There's a mention of how long the grace period is for it to be interest-free.Most cards have grace period of 23-30 days.
For example lets assume your grace period is 23 days. You made the charge on day 1, but you made your payment on the 24th day. You will then owe interests.
Yea I'd check your terms. Most CCCs grace period is typically 25 days but double check.