I have visa cards and a mastercard. As a general rule, I know that if I opt to pay the full balance of my credit card debt each month, it makes sense to wait till the 'pay by' date in order to benefit from the interest-free period...
But if I always opt to pay the 'minimum payment', do I reduce the subsequent interest charged if I make the minimum payment as soon as I recieve the bill, rather than waiting till the 'pay by' date?
Thank you...
Jim D
Yes, if you don't make the full payment you will be charged interest, and there will be no interest free period for the transactions on the statement. The interest charge will be reduced by making the part-payment before rather than on the due date.
Robin
Robin - Thanks for clarifying that.
Jim D
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