A credit card cycle starts on the 16th of a month and ends on the 15th of the next month
· The grey period is known as the spend period. During this time, you can spend from your credit card.
· The day in red is known as the statement day and this is the day a statement is sent to you. It consists of what you have spent in the spend period and tells you what to pay in repayment.
· The purple period is known as the repayment period. Any credit you make into the card during these days will be counted as a repayment of the cycle.
· The day is blue is known as the Cut-off date and refers to the end of your billing cycle. This is the time when all your credit card activities are generated for the month and will be reflected on your billing statement. It is also when you stop making purchases with the card.
· Payment Credit: This is when you transfer money into your card but not on the days in purple. Such payments will never be counted as a repayment, it will just be counted as a payment to reduce your outstanding.
· Repayment Credit: This is +when you transfer money into your credit card on the days in purple. Such payment is regarded as repayment by the system and if it is enough it will mean you have repaid a part of your credit card.
· Minimum Repayment: Your minimum is 10% of your outstanding. Always use your statement to make repayments and do not assume the amount to pay as it can be misleading.
· Late Payment Fee: To avoid a late payment fee of ₦2,000, the minimum repayment must be paid within the repayment period.
· Very Important: You can pay any amount above 10% if you want to but do not pay lower 10% or you will be charged a late payment fee of ₦2,000.
· Interest-Free: If you pay all you owe (100%) in the given cycle during the repayment period, you will not be charged interest.