If I have a credit card and the statement is due 27th December statement value 10,000
I then pay 10,000 on January 5th.
I understand I accrue interested from the 27th to 5th. I’ve already made minimum payment so no late fee.
Does loss of grace period mean if I buy anything and I pay it on time henceforth I’ll accrue and interest despite me paying off my bills?
Thanks 🙂
Loss Of Grace Period Explanation?
byu/BackgroundAd6876 inCreditCards
Posted by BackgroundAd6876
3 Comments
I’m not understanding the “loss of grace period” part, but if you pay the full statement balance before the “minimum due” due date you will avoid interest costs. The grace period is the period from the statement end date to the statement due date. Hopefully this helps. Possibly I misunderstood your question, did you get some kind of notice that you no longer have a grace period?
Any new purchases will start accruing interest immediately.
Best approach is to stop using the credit card for 2-3 cycles until you stop seeing residual interest posting.