on 19-11-2017 01:23 PM
I had a credit transfer of around $9000 with 2 or 3% transfer fee in June and then no interest for 12 months. I do use the card for other purchases but I auto pay $350 on to it fortnightly PLUS manually pay an additional to cover spending. My payments always exceed my debits on statements.
I am getting small amounts of interest recorded. Is this because I do not pay the entire balance (including the interest free balance tf amount) at the end of the month?
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on 20-11-2017 02:57 PM
Provided that your statement balance is paid in full by the due date @jel, there will be no interest charged. If the full payment outlined on the statement is not received by the due date, then the purchases will be charged interest from the date that they are processed until payment is received.
The statement balance is comprised of both your purchases and balance transfer.
If you have a Balance Transfer on your credit card, and you have not been paying the Statement Balance by the due date you would incur purchase interest.
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20-11-2017 06:46 PM - edited 21-11-2017 04:25 PM
So yes, because the balance also includes the original amount from the 0% for 12 months transfer despite that the debits are around $150 and credits about $850 a month I'm getting interest on the $150 of bills a month
I will shift it to a card where I don't have anything coming off it offering something similar. It won't save money (at all), but it won't be irksome. My own fault, I should have checked more carefully. I was under the impression the interest bearing portion, i.e. the bills would be "paid off" first, or are they once they BECOME interest bearing... meh. It's all good
Again thanks for the clarification.