Credit card question

[yankebabie]

I have a small balance on my SW visa. Want to continue to build up pts but don't want to keep paying interest on new charges that I plan on paying off every month in full. If I charge on my card and then go right on my acct and pay with debit card, do I still get charged interest on that amount I paid right away?

 

[lady9]

Most credit cards have a 28 day grace period before interest starts. I don't have a SW card but would imagine they would be the same. You do have to wait until the charges actually post to your account. I do the same thing with a rewards card but have to remember to pay it a few days later when I have a zero balance. It won't let me post to my account otherwise.

 

[yankebabie]

So if I make a new charge, once it posts to my acct I can go in and pay it with no interest?

 

[lady9]

Yes, if that is how SW does their interest. I am pretty sure that the only time interest kicks in right away is when it is a cash advance. You might want to call SW credit and check to be absolutely sure.

 

[yankebabie]

Thanks for the help. I will call. Does anyone have a SW VISA and know the policy on the interest?

 

[disneymomto5]

I have the card, interest does not accrue immediately, you have the grace period to pay off the card.

 

[DizMe]

This is exactly what I do! I buy almost everything on my SW card and then periodically go online and transfer the money from my checking account to cover it (I don't bank with Chase). That way I don't run up too much of a credit bill to pay off since I'm not letting it all add up, and I know I won't be paying interest on the things I charge. As long as you pay the amount it says you owe on your bill *for the current billing period* you won't be charged. *Note--you may have more charges than what you have to pay off because they went on after the billing cycle ended and aren't owed until the next billing cycle. I use that in my favor sometimes, too.

 

[sissy_ib]

It sounds like you want to pay the card off after every purchase. Just as a warning, if that is your plan, you can usually only make so many payments a month. If you make sure to pay it off before you statement closing date you should not be charged any interest and you only need to worry about paying it once a month.

 

[Cheshire Figment]

What you are asking is not clear.

1. If you pay your bill in full prior to the due date you will not incur any interest charges.

2. If you are carrying a balance, even if you pay off the current month charges prior to the billing date you will still incur interest charges because of the way the average daily balance is calculated.

 

[Kellydelly]

I don't understand why you wouldn't just pay your bill in full when it comes in the mail or you get it emailed to you? Or are you planning to carry a balance but pay off all new purchases? I don't get what you are trying to accomplish .

 

[DizMe]

I think I understood her. She wants to make sure she doesn't pay interest and didn't know whether it begins to accrue immediately or not.

It does not. You can have a balance on the card and not pay any interest as long as you pay the old balance in full by the due date for that billing cycle. You do not have to include any charges that showed up in your account beyond that billing cycle. For instance, if the billing cycle ends on the 14th and the payment is due the 1st, you don't have to pay off the charges made between the 14th and the 1st until the next cycle.

I pay large bills with my cc and then transfer the money from my checking account. This keeps me from spending the money in my checking account on other things and keeps my cc balance manageable.