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credit cards

Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
in Home, Law & Money
sorry if this is a boring post but i need to know 2 simple things about my credit cards.

can i be in credit on my credit card? where does the money go if i pay too much.

if i pay off the whole balance each month does the credit card cost me anything at all?

Comments

  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Generally yes you can overpay. The money sits on your card account.

    Generally yes if you pay off everything on time each month, you pay no interest. There may be an yearly fee.
  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    If you overpay it sits on the account, you don't get interest for it so there's no point.

    If you pay your balance off in full every month you won't pay interest on purchases. If you use your credit card for cash advances then you will.
  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Kermit wrote: »
    If you overpay it sits on the account, you don't get interest for it so there's no point.

    If you pay your balance off in full every month you won't pay interest on purchases. If you use your credit card for cash advances then you will.
    The only plus I have seen with loading money/credit onto a Credit Card is when you go abroad/on holiday as a Creditcard offers more protection than Debitcards,

    correct me if I am wrong.
  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    You get automatic protection for things over £100 bought on credit card. I guess you could load the money on first to make sure you don't forget to pay it off nad end up paying interest.
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