Hey, my deadline for payment on my MasterCard is March 16th and the date of closure for the current statement is March 19th. I already made 2 payments for the 16th but I have the possiblity of reducing my balance even more with another payment, so I just want to know: will the interest be applied on the account balance left over on the 16th or the one left over on the 19th?|||I believe that interest is charged after the payment due date retroactive to when the purchase is made. You get the grace period (from date of purchase until the card payment due date) provided you pay off the balance in total. -- Check out the fine print on your monthly bill as this will spell out how interest is calculated.
Therefore if you have any balance owing you should pay it off ASAP to reduce interest costs and there is a big incentive to do that by the card payment due date.|||It depends on how the bank figures the interest. If they use the daily balance method (most do), then the payment reduces the daily balance and you will save a few pennies on interest.
Credit card companies use complex formulas and then the interest is physically added to your balance on a date tied to the closing of the statement.|||the 16th!!!!
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