@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:
Ok so now that I have several credit cards I'm wondering if I'm doing this PIF thing correctly. I don't know if I'm maximizing this process or not. Usually on my second check of the month I pay off everything currently charged on my cards. Even if I just charged a thing three days ago. So am I doing this wrong? I'm trying to avoid paying interest but I think I'm trying a little too hard. At what time will a charge incur interest? Is it after it becomes 30 days old?
You incur interest charges when you don't pay the entire balance by the due date
Ok I understand that. I think I already understood. I just needed to type this out. LOL!
No problem. To be clearer, you only need to pay those charges by the due date that were posted by the time your statement cuts. For example, if you have a statement that is posted on July 1 with a due date of July 28th, those are the charges you need to pay not to incur any interest charges. If you were to purchase something on July 2nd and it posted on July 6th, you don't need to pay that off as well by July 28th. That's where your grace period kicks in as that charged will be reflected on your next statement of August 1st and would need to be paid by August 28th to avoid interest charges. Hope that helps
