The cc will charge you interest next month (i.e. after they learn you did not send in the full payment) for each purchase from the day of purchase until you paid them some money. Then they will charge you interest on the balance [ $706.50 ] for the whole month until the next billing cycle, plus interest on each new purchase from time of purchase until cut-off date (and then go to first line). They usually use a daily balance average and charge interest daily. So your answer is sort of yes, sort of no.