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Ok, this is, I believe, on-the-one-hand, a pretty simple question. Then again, not necessarily. I'm perhaps being a little lazy by asking it instead of just looking into myself but I'll do both and will appreciate any helpful advice/answers.
I will use all hypothecial and low figures.
If you have a credit card with a 10.0% APR that has a balance on the last statement date of $1200, and you charge an item that costs $50 onto that card but make a $50 payment (in addition to the payment due monthly) to the card before the next statement date (or within 30 days, grace period) do you pay any interest on that $50 at all?
To explain my question: I know that if you have a card with $0 balance and you charge $50 on it but pay the balance in full prior to the next statement then you are not charged interest. But, if you already carry a balance and do not pay the balance in full, does it matter that the (in the example above) $50 was 'paid' for within the grace period for new purchases?
Hm.. I'll leave it at that for now. Any good info is appreciated.
I will use all hypothecial and low figures.
If you have a credit card with a 10.0% APR that has a balance on the last statement date of $1200, and you charge an item that costs $50 onto that card but make a $50 payment (in addition to the payment due monthly) to the card before the next statement date (or within 30 days, grace period) do you pay any interest on that $50 at all?
To explain my question: I know that if you have a card with $0 balance and you charge $50 on it but pay the balance in full prior to the next statement then you are not charged interest. But, if you already carry a balance and do not pay the balance in full, does it matter that the (in the example above) $50 was 'paid' for within the grace period for new purchases?
Hm.. I'll leave it at that for now. Any good info is appreciated.
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