How to avoid interest charges on credit cards?

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How to avoid interest charges on credit cards?

Postby SigmaInigma » Tue Feb 14, 2012 12:31 pm

Hi, I am 18 years old and just got my first credit card. I am trying to build my credit and figured I would get a card that can get me cool rewards too. I got the Citi Forward Card and just make sure I understand exactly how it works.

I do not want to get charged interest for anything

I have a current balance on the card of $293.97. This includes money I have spent after my last statement.

  • Next Payment Due Mar. 7, 2012
  • Next Statement Mar. 12, 2012
  • $20 Minimum Payment
  • My last statement was $64.44
So what I am thinking is that if I pay $64.44 by March 7th I will avoid interest charges. I don't have to pay the rest of the $293.97 until the next statement. Is that correct?

Thanks for the help!

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Postby jeffysdad » Tue Feb 14, 2012 1:43 pm

If you pay the full amount of your last statement balance and you have a grace period, you will not be charged interest.
American Express: Blue Cash Preferred (groceries, 6%; gas, department store, 3%); Gold Delta SkyMiles (Delta Air Lines, 2 miles/dollar, free checked bag).
US Bank: Cash+ (utilities, phone, internet, restaurant, 5%; drugstores, 2%).
FIA Card Services: Fidelity Amex (everything, 2%); Fidelity Visa (everything, 1.5%).
Chase: Freedom (rotating, 5%); Amazon (, 3%); PriorityClub (IHG hotels, 5 points/dollar); Sapphire (not in use).

*All cards are registered with PriorityClub IDine program for 8 points/dollar at participating restaurants.

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Postby Money card » Thu Feb 23, 2012 9:15 pm

Do you have a 0% interest free for 6 to 12 months? If you do I would pay little bit over time.

You say your bill is 293.97. Keep track of your spending receipts, since you charged 293.93 if you do get 6 to 12 months interest, assuming you live home with your parents and assuming you don't pay rent, I would charge no more than 200.00 for the next month. You said you want to pay 64.44 if you get interest free this is a good idea.

If you don't get an interest free promotion then I would pay the whole bill rather than write 2 checks. I would just pay the whole bill Saturday.

If your parents are charging you rent and 0% for 6-12 months I would charge no more than 100.00, the 64.44 is a good idea just keep track of your spending and don't go overboard, keep yourself ahead of Citibank. and good luck.

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Postby fantasy86dj » Sun Feb 26, 2012 5:14 am

Good evening and welcome to the wonderful world of credit. I would always pay in full unless you get a promotional deal with so many month at a very low or non existant interest rate. I hope that you enjoy your credit journey!
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Credit score: 636/1200 (current as of 5/21/2015)

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