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If i pay off my credit card online, does it pay off last month's first?

  • I'm with BMO, and I have until january 5th to pay off what i spent from november 15-december 15 i used my card after december 15 before paying off my balance from last month's I transferred money to my credit card, but i didn't pay off all of it Does it pay back last month's bill first automatically? Or did it just pay off what i spent after december 15th? I just don't want any interest. Thank you :)

  • Answer:

    Great question, and it's very wise to pay the full amount each month for your credit card bills. It seems as if you stay current with your payments that they are requesting you should be fine. Just make sure you fully read and understand your agreement and statements to know for sure which and how much and when everything is dues. Best of luck and continue to ask until you find the answer and pay off everything correctly the first time. Also, check out credit cards that back you back at http://www.cashbackrewardcreditcards.net/

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You are making the payment for the Nov-Dec period, Any charges made after Dec 15th which I figure is your statement date, will be against your February payment, As long as you pay the statement amount you wont accrue any interest,

To be sure you have to look at your cardmember agreement. In general payments are applied to portion of the balance with the lowest interest rate, or that is still in grace period. So the current charges will be paid off first while the older charges accrue interest.

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