What's the Capital One Quicksilver interest rate?

You don’t have to pay APR if you pay on time and in full every month. And your card needs to have a grace period. A grace period is the length of time after the end of your billing cycle where you can pay off your balance and avoid interest. To take advantage of a grace period, you need to pay for all your charges every single billing cycle. If you don’t do that one month, you’ll lose your grace period, and your charges will start accruing interest right away. You’ll have to pay in full for two consecutive billing cycles to get it back.… read full answer

So paying on time won’t get you out of paying interest on its own. You’ll just avoid paying late fees and hurting your credit score. You have to pay in full if you don’t want to pay interest.

Here’s how to avoid paying APR:

• If you pay your bill in full by the due date every month, you won’t pay any interest, thanks to the grace period most credit cards have.
• A credit card’s grace period typically is the time between the end of the billing cycle and the due date.
• If you lose your grace period by carrying a balance past your due date, you can get it back by paying your bill in full two months in a row.
• Balance transfers and cash advances don’t have grace periods, so interest will begin piling up as soon as you make the transactions. The exception is if your balance transfer has a 0% introductory rate for a certain number of months.

The simplest way to handle things is to set up automatic monthly payments for your full statement balance from a bank account. Just make sure that the account’s balance doesn’t get too low.

Visa credit card grace periods are 21 days to 25 days long, depending on the credit card company issuing the Visa card. Chase’s Visa credit cards have a 21 day grace period, for example, while Capital One’s Visa cards have a 25 day grace period.

A Visa credit card grace period is the window during which you are allowed to pay your Visa credit card bill without having to pay interest. If you carry any balance between billing cycles, you will lose your Visa credit card grace period and will be charged interest on the unpaid portion of the balance. Any new purchases will then be charged interest daily, until you pay your full statement balance two billing cycles in a row.… read full answer

Here are some Visa credit card grace periods:

• Bank of America Visa Cards: 25 days
• Barclays Visa Cards: 23-25 days
• Capital One Visa Cards: 25 days
• Chase Visa Cards: 21 days (20 for business)
• Citi Visa Cards: 23 days
• PNC Visa Cards: 21 days
• Synchrony Visa Cards: 23 days
• USAA Visa Cards: 25 days
• U.S. Bank Visa Cards: 24-30 days
• Wells Fargo Visa Cards: 25 days (21 for business)

The Credit Card Responsibility and Disclosure (CARD) Act of 2009 says that issuers don’t have to have grace periods. But if they offer one, it must be at least 21 days. If your Visa credit card has a grace period, the issuer is also required by law to include those details in your credit card agreement. But grace periods aren’t always clearly defined. In fact, you may not see the term “grace period” anywhere in your credit card agreement or on your monthly statement.

On the “Interest Rates and Interest Charges” chart, look for something that reads, “Paying Interest” or “How to Avoid Paying Interest.” There you will find the number of days of your grace period and all the conditions that apply. You can also call your card’s customer service number on the back of your card with any questions on grace periods.

There is no Visa credit card grace period for cash advances. There is also no grace period on balance transfers. You may have a Visa card with a 0% promotional APR on balance transfers, but that is not the same as a grace period. You still technically owe interest, it’s just 0%. To avoid interest on new purchases after you transfer a balance, you must pay your Visa card in full by the due date. This includes any transferred balances.