I recently got my first credit card and after calling the bank, the lady on the phone was not able to clarify my questions (weird, huh?). Maybe you can help me understand the following scenario:
Let's say that I set up for full payment at due date (as mentioned on the online bankng website) and the due date is 12/9.
- If I make a payment on 12/8, do I get just one day of interest free loan and do I have to pay it back in the next day?
- Is my logic correct: if I make a payment just after the due date, I get a 0-interest loan longer than if I make it in the middle of the payment cycle?
- How is the full payment calculated? Sometimes, after making a payment, I see it in pending transactions - this means that my max credit limit decreased a little but the paymeny ammount is not yet updated.
- Can the due date of a credit card be changed? Currently it is set two days before my salary date which is a little inconvenint...
Adding one more scenario:
- Assume again the due date 12/9. Let's say that today is 12/1 and I have a balance of -$300. If I make a full payment at that date and then, in the next day, make a purchase of $300, do I still have to pay $300 at on the 9th or I get another 30 days for the loan? Is a full payment reseting the billing cycle?
If it makes any difference, the bank is FirstTech.