Yes and No. It depends on what you mean by \u201cin time\u201d.<\/p>\n
Through my 35+ years of using credit card, I\u2019ve noticed a general misconception that credit card means debt, charges, and interest.<\/p>\n
Without speculating on the reason for why the misconception is so long-lasting, I can say that there are no charges or interest if you pay your credit card bill in full on or before the\u00a0Due Date. In credit card industry speak, you\u2019re called a \u201cTransactor\u201d.<\/p>\n
You might notice that I\u2019ve used the term \u201cDue Date\u201d above and not the term \u201cIn Time\u201d given in the question.<\/p>\n
That\u2019s intentional because \u201cIn Time\u201d can be very different from \u201cDue Date\u201d.<\/p>\n
\u201cDue Date\u201d is printed on the credit card statement. It\u2019s typically 30\u201345 days from the date of transaction and 15 days from the date of the statement.<\/p>\n
\u201cIn Time\u201d can mean something else altogether.<\/p>\n
Suppose you can\u2019t or don\u2019t wish to pay your credit card bill in full by the due date. Your credit card company will allow you to get away by paying only a certain amount every month. Called \u201cMinimum Payable Amount\u201d, this amount is typically 10% of the total outstanding amount at that point. In this case, you\u2019re called a \u201cRevolver\u201d. As a Revolver, you will attract hefty charges and interest. The Minimum Payable Amount will rapidly escalate from one month to another. As long as you keep paying the (rapidly escalating) Minimum Payable Amount every month, your credit card will keep working, it could be argued that you\u2019re paying your credit card bill \u201cin time\u201d, but you will incur charges and interest under this situation.<\/p>\n
Depending on the amounts you pay every month, APR, your credit limit etc., the term \u201cIn Time\u201d can mean years or even decades, as suggested by the table in the following tweet.<\/p>\n
\nTIL it takes 7 years to pay off a credit card bill if you make only the minimum payment every month. My gut feeling was 2-3 years. https:\/\/t.co\/55KezaDCxq<\/a> pic.twitter.com\/UtSbBgQLUT<\/a><\/p>\n
— Ketharaman Swaminathan (@s_ketharaman) May 3, 2019<\/a><\/p><\/blockquote>\n