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BAPP statement states the above. Paid off 5k but have £97 in it at the moment. Do I need to make it £0.00 so I don’t get charged interest on the previous 5k? My statement closes in 2 days. It’s hard to get it precisely at £0 as Im constantly using it and payments take 2 days to clear.
TIA
In my experience, so long as the remaining statement balance is zero, you will not be paying any interest. I guess you will have paid off last month’s statement by now if the next one closes in two days? If so, definitely fine.
I don’t think I have ever zeroed mine in time for statement close, especially not with daily use. Far too much hassle for the reason you’ve stated yourself.
What was the statement balance at last statement? Have you paid at least that amount since? If so no further action needed.
The “no payment required” just means you’ve met Amex’s minimum payment requirement, that does not mean you’ve paid enough to not incur interest.
PS – this is the same as every single other credit card out there, am surprised this is a question.
On the app under ‘statements and activity’ it shows your ‘recent statement’ with the total and the amount paid below it needs to be £0 to avoid interest.
When you go to make a payment on amex it gives you 4 options
Minimum payment
Statement Balance
Total Balance
Other AmountAs long as the statement balance is zero before your payment date, you won’t pay interest.
It’s fare better with amex than most cards when you have to work it out yourself
Re ” My statement closes in 2 days. It’s hard to get it precisely at £0 as Im constantly using it ”
Apols if I’ve misunderstood, but you don’t need to get it to zero before statement closing date. Credit cards have a window between statement closing date and payment due date. As long as you settle that closing balance (i.e. you don’t need to be concerned about any new transactions since the closing date), then you won’t incur interest.
Let’s say your statement period is 11th of one month to 10th of the next.
11th Dec – 10th Jan: You spend £500
You are required to pay £500 by the due date (4th February).
11th Jan – 10th Feb: You spend £300 – You do not need to pay this off until the statement has generated.
You are required to pay £300 by the due date (4th March).
You only need to pay off your statement balance by the due date to avoid fees. If you do not pay £500 by 4th Feb or £300 by 4th March then you will accrue interest.
The easiest way to have it paid off in full is to set up a Direct Debit to take the full balance each month.
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