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Interest Not Being Charged If Paid Off?
I was hoping that maybe someone has a link to this issue if possible (due to the new credit card regulations).
Most of the credit cards we have, if the full amount is paid, then there is no interest charged. However, Barclay's said they don't do this unless you pay the amount off in two months in a row. This does not sound right, but it might be.
We have very good credit and a lot of cards are paid off on a monthly basis.
Thanks!
1 Answer
- bdancer222Lv 71 decade agoFavorite Answer
Most credit cards require the balance to start from 0 to get the interest free grace period. If you carry a balance, added some new charges, and paid the whole balance in full, you would still be charged interest. That is the way it works.
It really has nothing to do with the new credit card laws. It's just the card policy on the interest free grace period. Not all cards offer this.
Source(s): BD