Quote:
Originally Posted by Scuba Steve
So does this mean that with my card paid off every month, that if I do something like go to the store on the first day of the billing cycle it gathers interest up until the day the bill is due at the end of the month?
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No, it doesn't mean that at all.
Certain cards had a feature where if you were carrying a balance, and paid it off, you'd still get an interest charge in the next month. This is no longer true.
For example, let's say I am carrying a $3,000 balance on a card that is accruing interest (balance was NOT paid in full in last billing period). I pay off the bill in full today -- next month, for these types of cards I would still have to pay an interest charge on next month's bill. The new rules prohibit this practice.
If you have an account with the typical 30 day grace period and pay your balance in full each month, you will continue to pay no interest charges.