I have a question about my credit card balance?

Question

Payment Information as of Statement Date: 07/15/2008

Minimum Payment: $0.00

Minimum Payment Due Date: 08/09/2008

Pay in Full Amount: $275.78

Pay in Full Due Date: 08/09/2008

This is the information on my online banking balance sheet i'm concerned about....where it says Pay in Full Amount: $275.78

Pay in Full Due Date: 08/09/2008. Does that mean i have to pay 275.78 before aug 9th???

Answer 1

No thats saying, thats the full balance and if you don't pay the full balance by the date shown they add a finance charge....it would say minimum due 275.78 if you had to pay it by the date shown...

Answer 2

Nope. It looks like you've been a good payer, and so they've given you a "payment holiday," which means they're trying to get you to stretch out your loan, so they can earn more interest.

DON'T FALL FOR IT!!!!

A minimum payment of $0 means that they'll tack on the interest you owe this month to next month's payment. It's not a consumer-friendly practice.

Send them a payment anyway and reduce your debt.