Some cards may automatically charge interest and some cards may not charge interest, as long as you do not use the card you've carried a balance on... It really depends on the information in your Card Agreement. No one will be able to tell you the terms of YOUR card agreement. Not everyone's is the same. 
With CapOne, I think if you now pay it all by the payment due date, and don't add new charges, you may not have additional interest in this cycle.
I have run some small BT items onto my QS. The BT amount was $400 onto the card, which reported on the statement, with no interest charges.
The auto payment of $212 paid in the next period, and there was a small interest cost, but only for month 2.
The auto payment then took care of the remaining balance during month 3, so that 3rd statement had zero ending balance, and no additional interest cost.
This has worked the same way twice, each time the last month with no interest when it was paid to zero by the due date, statement at zero. Other banks do that last month with additional, trailing interest, even if you've paid it to zero by the due date. It's a fun CapOne feature.
Interest charges and the mechanics of restoring the grace period are compilicated, seemingly intentional so.
Once you've lost the grace period (which it appears you have), you will be accruing interest daily. That includes
new purchases from the day of the transaction posting. So it will save ongoing interest to pay as much as
possible as soon as possible. From an interest standpoint , when you don't have a grace period, paying as soon as
you have the money saves as compared with waiting for the due date to roll around.
To restore the grace period, most of the major issuers require 2 cycles of paying the entire amount due. This gets
a little confusing. The amount due is the previous statement balance, not the total owed on the card which
may include charges made since the last statement and daily acruing interest. You likely will have a difficult time
paying a card that has lost it's grace period down to exactly $0, because the payoff amount is changing daily with
interest charges. The easiest way to eliminate interest is to overpay a bit for the month (may require a "push"
payment). Otherwise it is likely you'll get hit with a small dailt amounts of "residual interest" until the grace period is
restored, which may be an acceptable choice given the difficulty of tracking the exact daily balance and timing
it with a payment.
All in all, loosing a card's grace period by carrying a balance past the due date is a hassle and costs money.
Much better to avoid it happening if at all possible. The grace period is one of the more rewarding perks of using
a credit card. As an example, a typical account that charges $1500 a month and would be subject to an APR of
13% without the grace period, saves about $190 a year just from the grace period. It also is much less complicated
tracking balances on a card with an intact grace period.
+
850 FICO8 since 2015, Thanks MyFICO - 5+ years since last HP
@lg8302ch wrote:
- $0.00 Minimum Payment Pay this by your due date to avoid late fees.
- $0.00 Interest Saver Payment Pay this by your due date to avoid interest on new purchases shown on your next statement, while still carrying a promotional balance.
I have seen two minimum payment options on my account and never bothered to find out what exactly this is but it could be the option to select Interest Saver Payment and maybe there is no interest on new charges then? Maybe I am going to do a small test with this feature and see what happens ...I am just curious as I have not realized this payment option before ..maybe new ?
Looks like a good feature to test out. You may have to start now by putting a "promotional balance" on your card, then some new charges, prior to the statement print.
Chase Blueprint, on their non-cobranded cards, has a feature you can have it PIF selected categories of new charges, to leave a BT on a glidepath, such as a low APR BT. I tried that and it worked well.
Thanks everyone! I'm starting to understand interest a little better now (so much to know!)
I think I will continue to PIF each month unless I have a special promo offer, just to keep things simple. Capital One's interest rates are high! Luckily I have a small balance 