getting grace period back on Citi cards
Does anyone know exactly when a grace period is reinstated, on a card (specifically Citi Double Cash) that was previously carrying a balance? (I know this is a rare situation for us, but I had a 0% promo rate on purchases, which is ending soon; and I actually want to use the Double Cash for some purchases even after the 0% ends.)
The terms say you "won't have a grace period on Purchases again until you pay the New Balance in full by the payment due date 2 Billing Periods in a row." The main thing I'm not sure about is whether the grace period applies to new purchases immediately after I make the 2nd full-statement-balance payment, or if it doesn't apply until after the current due date or after the current statement closes. e.g.: 0% ends 6/1. For 4/14 statement, payment is due 5/10 and I pay the full balance from that statement on 5/9; for 5/12 statement due 6/10, I pay full balance 5/18. If I make a new purchase 5/18, will it have a grace period (i.e., after 6/1 it won't be charged any interest)? Or only purchases after the June statement closes will have a grace period? (I also wonder whether the "2 Billing Periods" rule might not even apply if I have 0% interest, i.e., maybe they're just talking about avoiding interest on a previous finance charge. But to be safe I paid the full balance for 2 statements.) (Funny side note: I called Citi to ask about this and they told me nonsense like "Citi cards don't have a grace period".) |
Originally Posted by sbft77
(Post 28342250)
e.g.: 0% ends 6/1. For 4/14 statement, payment is due 5/10 and I pay the full balance from that statement on 5/9; for 5/12 statement due 6/10, I pay full balance 5/18. If I make a new purchase 5/18, will it have a grace period (i.e., after 6/1 it won't be charged any interest)? Or only purchases after the June statement closes will have a grace period?
Then Citi has no excuse charging you interest.
Originally Posted by sbft77
(Post 28342250)
(Funny side note: I called Citi to ask about this and they told me nonsense like "Citi cards don't have a grace period".)
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Generally speaking (i.e with most creditors but I can't speak specifically to Citi), paying in full twice is to address residual interest. If you haven't carried a balance subject to interest then you won't have residual interest.
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