Credit Card Payment Cycles
If I purchase something 5 days before a payment is due, is that purchase included in the payment? That is, if I failed to make a minimum payment would interest accrue on that purchase too? What about for transactions still being processed but listed on the account as being processed?
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If I purchase something 5 days before a payment is due, is that
purchase included in the payment?
Usually not, what is included in the payment is what was on the statement.
However, in some countries the payment is due on the day of the statement, if that's the case for you - then yes, it will be.
That is, if I failed to make a minimum payment would interest accrue
on that purchase too?
In most places, if you fail to make minimum payment, the interest accrues on the whole balance. That would include any new payment. In many countries, if you fail to make the payment - your card will be immediately blocked. If you do it repeatedly - it may be sent to collections and canceled after the next occurrence.
Assuming USA
Most often, there is a pretty long delay between your billing date and the payment due date. (e.g. Your billing cycle may end on the 10th, and payment due date for that bill may be on the 5th of the following month).
To spell it out further:
Purchases made between Sept. 11th and Oct. 10th would be paid on Nov. 5th
Purchases made between Oct. 11th and Nov. 10th would be paid on Dec. 5th, etc.
In this scenario, a purchase made on Oct 31st (5 days before the Nov 5th due date) would show up on your Nov 10th statement, payable on December 5th (Due dates and delays may vary depending on your issuer).
On a separate note: If you're only paying the "Minimum Payment Due", you're probably paying interest on everything else that's charged on your bill
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