Question about when Interest is charged on 28 Degree Card

AliensStoleMyMoney on 29/12/2018 - 12:51

Hello fellow OZBargainers,

following reading the CC guide here I went and got a 28 degree credit card in August.
since then they made price protection for any retailer in Australia/online and have been getting back a lot.

anyways to the question I have always been paying my balance off before statement generate day (3rd for me) but there is something on sale today I'm looking at but I've already used my service centre payment form.

is interest generated on the day that the statement generated or the due date of it? don't wanna pay any interest

Financial

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closed Comments

  • dcep on 29/12/2018 - 13:00
    -1

    due date

  • Xiaomi on 29/12/2018 - 13:00
    +1

    ask the aliens

  • John Kimble on 29/12/2018 - 13:09

    Interest is calculated on the statement creation date.

    • AliensStoleMyMoney on 29/12/2018 - 13:10

      then charged if i dont pay off the due amount before statement due date ?

      • John Kimble on 29/12/2018 - 13:11

        No, it is automatically placed on your account, just like any purchase, so would contribute to your balance due.

      • poboy on 29/12/2018 - 13:12

        Yes. If you don't pay off your balance in full on or before the due date, you will pay interest in your remaining balance… And you won't have an interest free period until your next full paid statement.

    • John Kimble on 29/12/2018 - 13:16

      By "interest" I mean "price protection premium", not interest for not paying your outstanding balance.

  • poboy on 29/12/2018 - 13:10

    If you don't want to pay interest, pay your statement when due.

  • John Kimble on 29/12/2018 - 13:11
    +1

    To not pay any premium for price protection, you must have zero balance when your statement is generated. This is a different date to your bill due date.

    So if you buy your item today, you need to get your balance back to zero before the 3rd.

  • SmiTTy on 29/12/2018 - 13:27

    When u get your statement, it'll tell you how much you owe (ie how much uve spent). If you pay it by the due date, then no interest. If u dont, then ull be charged interest.

    The statement will also have an additional fee for the protection insurance (1% or something… I forgot) if u dont pay off your account before the statement is generated (u obviously know this already)

  • AliensStoleMyMoney on 29/12/2018 - 13:31

    thanks for the info guys being a ozbargainer ill skip buying this item to avoid the protection insurance fee.

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