I have a credit card that currently has balance on it past grace period. I am working on paying it out, but I also need it to pay for online purchases, etc.
I know that once you are past grace period, interest is charged right away. How does it work though.
Let's assume it's a 12% yearly credit card(I know, wonderland, but for sake of simplicity). Say it has $1000 balance on it. I put another $100, then 15 days later pay back the $100 back to $1000.
In this case, do I get charged for 15 days of using the $100 at rate 12/365? Or would i be charged for month worth of interest upfront?