Mogul of Pineapples
- Centurion Member
- Posts: 1271
- Joined: Sun Jun 01, 2008 11:32 pm
- Location: Smogland
Credit card interest can be confusing and dangerous if you don't understand it.
Credit card interest works like this for most banks- if the balance is paid in full by the due date there will be no interest charges. If any of the balance is carried over past the due date, then the account is charged interest on that cycles billing period going back all the way to the date of purchase.
Think of it as deferred interest. If payment is in full before the due date there is none. If not the interest is deferred and tacked on to your account after the due date. Make sense?
Disclosure: I am a moderator/paid staff of this site, which does have advertising relationships with some credit cards that are discussed and linked to. Regardless, anything I say is my honest opinion.
Current Cards: American Express:
Blue Cash, Simply Cash Bank of America:
WorldPoints Platinum Plus Chase:
Amazon, British Airways, Cash Plus Rewards, Freedom, Ink Cash Citi:
Thank You Premier, Dividend Platinum Select Discover:
MorePrimary Everyday Card: American Express Blue CashPrimary Travel Card: Chase Sapphire Preferred