I just started using a credit card, and I'm curious how the billing cycle works.
My statement shows a balance of $25 and is due towards the end of the month, which I just paid off. What I'm wondering is, if I were to spend any more money this month, would I need to pay it off by the same time, or at the due date of the next billing cycle?
In the USA it's required by law that credit card companies give it like 25 days from time of purchase until when the bill is due to prevent interest.
So no it should be a different billing cycle
>>18591354
Ah cool. Thank you so much!
>>18591344
Look closely at your bill, probably the back. The billing month is from some random date (not always the 1st) to the day before in the next month (e. Jan 15-Feb 14). All charges that get to them in that period are listed. (Sometimes a store is slow and the charge doesn't get to the card until a day or two later).
You then have a stated time to pay the whole bill and not be charged interest. If you miss that deadline or only pay part of the bill, you'll be charged interest and maybe a penalty.
Every purchase after the bill date (e.g. February 15) will be on next month's bill
If you've got a bill already, new purchases will get billed in the next cycles. Common sense
>>18591855
>If you miss that deadline or only pay part of the bill, you'll be charged interest and maybe a penalty.
You won't be hit with a penalty if you pay the minimum amount but you will be charged interest. You will be hit with a penalty if you miss your payment though.