Most Credit cards offer a grace period of 15- 25 days before the interest is charged on the purchase. Please note that this may not be the same if you use a prepaid card. What does it mean? This means that if you use a credit card for a purchase, within this time period, the credit card company doesn’t charge you for the money you used to purchase the item. It’s more of a grace period. All other purchases within the same period will be charged interest immediately, and you may not be reimbursed for any other losses from the transaction. It’s important to know that the interest you are charged for purchases paid with a credit card during this time period will be more than the interest charged for a cash advance.

Credit cards offer a grace period of 15- 25 days before the interest is charged on the purchase, you can visit https://www.sofi.com/personal-loans/credit-card-consolidation-loans/ to get more details on paying off your credit card debt. Please note that this may not be the same if you use a prepaid card. What does it mean? This means that if you use a credit card for a purchase, within this time period, the credit card company doesn’t charge you for the money you used to purchase the item. It’s more of a grace period. All other purchases within the same period will be charged interest immediately, and you may not be reimbursed for any other losses from the transaction. It’s important to know that the interest you are charged for purchases paid with a credit card during this time period will be more than the interest charged for a cash advance. My credit card statement is showing that I am overcharged. What should I do? If you’ve just received a statement from your credit card company saying that you are overcharged, don’t panic! It could be that the money is being paid out by the merchant. This is what credit cards charge a merchant commission to. If you are not sure whether the money you’ve been charged is being used to cover the cost of the purchase, contact your credit card company.

Credit cards charge a merchant commission to. If you are not sure whether the money you’ve been charged is being used to cover the cost of the purchase, contact your credit card company. When will interest start? If you’ve just received a statement from your credit card company saying that you are overcharged, it means that there is a pending transaction on your account. Wait 2-4 weeks to see if the charge is cleared. The most common reason that this happens is when the buyer is a major credit card company (e.g. Citi, Discover, American Express, MasterCard, and Visa) and they are making a charge to your account. After that, your debt is no longer in escrow and the creditor can begin charging interest immediately.