ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Interest will not be levied only if the full bill payment has been made by the due date as the system will net off the interest charged, and you will not have to pay additional interest charges for it.

Detailed explanation-2: -Pros of paying your credit card off in full You’ll avoid paying interest if you pay your credit card balance off in full each month by the due date. Establish a better credit score: Using your credit card and repaying your balance will help you establish a good payment history.

Detailed explanation-3: -Your account balance is made up of everything you owe up until today, including any purchases you’ve made since your last statement. Paying your closing balance in full by the due date shown on your statement to get interest-free on new purchases in your next statement period.

Detailed explanation-4: -Pay your monthly statement in full and on time Paying the full amount will help you avoid any interest charges. If you can’t pay your statement balance off completely, try to make a smaller payment (not less than the minimum payment).

Detailed explanation-5: -What happens if you use your credit card on your payment due date? Usually, your billing cycle ends before your payment due date. Any charges made on the due date itself would apply to the current billing cycle, not the one that is due.