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FDIC Consumer News
Special 10th Anniversary Edition - Fall 2003
Extra Tip on... Credit Card Interest Charges
Many consumers think that with practically every credit card all their purchases are interest-free for at least 25 days regardless of the previous balance. However, with the typical card nowadays, if you carry over as little as a penny from the previous month's balance you can expect to be charge interest immediately on new purchases. And, if you have a card with no grace period, you always pay interest on new purchases from the day you make the purchase, even if you pay your bill in full.
Excerpted from "Fewer Credit Cards Offer a 'Full' Grace Period," Summer 2000.
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