Ways you can end up paying interest on a credit card if you pay the full amount back in due timeHow do “held” amounts appear on statements and affect balances of traditional credit cards?How does Paying credit card in full VS paying with interest will affect your credit score?How can I reduce the risk of credit card closure when paying the balance in full?Paying Credit Card statement amount in full on due date and using it in the same dayWhen is the right time to pay my credit?Can credit card company charge interest even if all the bills are paid in full by due date?Will I ever lose money if I always pay the credit card bill on time?using credit card and paying back quicklyCredit card pay back period calculationHow do you bring a credit card back into no-interest mode after making a less-than-full payment?
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Ways you can end up paying interest on a credit card if you pay the full amount back in due time
How do “held” amounts appear on statements and affect balances of traditional credit cards?How does Paying credit card in full VS paying with interest will affect your credit score?How can I reduce the risk of credit card closure when paying the balance in full?Paying Credit Card statement amount in full on due date and using it in the same dayWhen is the right time to pay my credit?Can credit card company charge interest even if all the bills are paid in full by due date?Will I ever lose money if I always pay the credit card bill on time?using credit card and paying back quicklyCredit card pay back period calculationHow do you bring a credit card back into no-interest mode after making a less-than-full payment?
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If you are a financially responsible person, you know how a credit card works, you pay back the loans in full before the due date, you don't take out money form the ATM or otherwise do something that gets taxed, etc.
Are there any ways that you could still end up paying interest?
I guess stuff like human weakness like forgetting to make the payments when due, or getting addicted to shopping, etc. Having an emergency is another. But if you are disciplined and you have an emergency basket saved up, is there any other way that "banks can get you", so to speak?
credit-card financial-literacy
edited 10 hours ago
RonJohn
20.9k6 gold badges41 silver badges82 bronze badges
asked 11 hours ago
PipsPips
7362 gold badges4 silver badges10 bronze badges
add a comment |
If you are a financially responsible person, you know how a credit card works, you pay back the loans in full before the due date, you don't take out money form the ATM or otherwise do something that gets taxed, etc.
Are there any ways that you could still end up paying interest?
I guess stuff like human weakness like forgetting to make the payments when due, or getting addicted to shopping, etc. Having an emergency is another. But if you are disciplined and you have an emergency basket saved up, is there any other way that "banks can get you", so to speak?
credit-card financial-literacy
edited 10 hours ago
RonJohn
20.9k6 gold badges41 silver badges82 bronze badges
asked 11 hours ago
PipsPips
7362 gold badges4 silver badges10 bronze badges
"I've always considered credit cards to be a financial product for (mostly) poor people". Well, you're wrong.
– RonJohn
10 hours ago
add a comment |
If you are a financially responsible person, you know how a credit card works, you pay back the loans in full before the due date, you don't take out money form the ATM or otherwise do something that gets taxed, etc.
Are there any ways that you could still end up paying interest?
I guess stuff like human weakness like forgetting to make the payments when due, or getting addicted to shopping, etc. Having an emergency is another. But if you are disciplined and you have an emergency basket saved up, is there any other way that "banks can get you", so to speak?
credit-card financial-literacy
edited 10 hours ago
RonJohn
20.9k6 gold badges41 silver badges82 bronze badges
asked 11 hours ago
PipsPips
7362 gold badges4 silver badges10 bronze badges
If you are a financially responsible person, you know how a credit card works, you pay back the loans in full before the due date, you don't take out money form the ATM or otherwise do something that gets taxed, etc.
Are there any ways that you could still end up paying interest?
I guess stuff like human weakness like forgetting to make the payments when due, or getting addicted to shopping, etc. Having an emergency is another. But if you are disciplined and you have an emergency basket saved up, is there any other way that "banks can get you", so to speak?
credit-card financial-literacy
credit-card financial-literacy
edited 10 hours ago
RonJohn
20.9k6 gold badges41 silver badges82 bronze badges
asked 11 hours ago
PipsPips
7362 gold badges4 silver badges10 bronze badges
edited 10 hours ago
RonJohn
20.9k6 gold badges41 silver badges82 bronze badges
asked 11 hours ago
PipsPips
7362 gold badges4 silver badges10 bronze badges
edited 10 hours ago
RonJohn
20.9k6 gold badges41 silver badges82 bronze badges
edited 10 hours ago
RonJohn
20.9k6 gold badges41 silver badges82 bronze badges
edited 10 hours ago
RonJohn
20.9k6 gold badges41 silver badges82 bronze badges
20.9k6 gold badges41 silver badges82 bronze badges
asked 11 hours ago
PipsPips
7362 gold badges4 silver badges10 bronze badges
asked 11 hours ago
PipsPips
7362 gold badges4 silver badges10 bronze badges
asked 11 hours ago
PipsPips
7362 gold badges4 silver badges10 bronze badges
7362 gold badges4 silver badges10 bronze badges
"I've always considered credit cards to be a financial product for (mostly) poor people". Well, you're wrong.
– RonJohn
10 hours ago
add a comment |
"I've always considered credit cards to be a financial product for (mostly) poor people". Well, you're wrong.
– RonJohn
10 hours ago
"I've always considered credit cards to be a financial product for (mostly) poor people". Well, you're wrong.
– RonJohn
10 hours ago
"I've always considered credit cards to be a financial product for (mostly) poor people". Well, you're wrong.
– RonJohn
10 hours ago
add a comment |
2 Answers
2
active
oldest
votes
Some credit cards will charge an annual fee. If you qualify for a card with no annual fee, don't get cash advances, and pay in full each month, you won't be charged any interest. I think I've been charged a month's interest twice in the last five years, both times because I spaced out and missed the billing due date. The main things are to really know how much income you'll have each month, not buying things you can't afford, have money saved to pay for emergency expenses, and to stay on top of your record keeping.
answered 10 hours ago
Charles E. GrantCharles E. Grant
6,6423 gold badges22 silver badges18 bronze badges
add a comment |
But if you are disciplined and you have an emergency basket saved up, is there any other way that "banks can get you", so to speak?
Annual fees.
But the only people who should be paying annual fees on their cards are those who have special needs and benefit from those fees.
The rest of us benefit from "slightly deferred payments" and fraud protection, while leeching off the people who do pay interest.
answered 10 hours ago
RonJohnRonJohn
20.9k6 gold badges41 silver badges82 bronze badges
2
The kid's 529 acct, funded only with the card cash-back, and market returns, has just passed $47,000 in total (i.e. current bal plus withdrawals for paid tuition). Major leech, I am. Never paid a dime of interest or annual fee on this card.
– JoeTaxpayer♦
10 hours ago
2
If there are ways that "banks can get you", they haven't found me. I've had credit cards for nearly 50 years and I haven't paid a penny in interest or annual fees while collecting $500 to $1,000 a year in cash-back. Signed, Leech Number Two
– Bob Baerker
10 hours ago
2
@JoeTaxpayer They still love you for all the merchant fees they've collected.
– Hart CO
9 hours ago
1
@HartCO but they haven't "gotten" Joe, they've "gotten" the merchants.
– RonJohn
8 hours ago
@RonJohn Yeah they didn't get him, but they love him.
– Hart CO
8 hours ago
|
show 1 more comment
2 Answers
2
active
oldest
votes
2 Answers
2
active
oldest
votes
active
oldest
votes
active
oldest
votes
Some credit cards will charge an annual fee. If you qualify for a card with no annual fee, don't get cash advances, and pay in full each month, you won't be charged any interest. I think I've been charged a month's interest twice in the last five years, both times because I spaced out and missed the billing due date. The main things are to really know how much income you'll have each month, not buying things you can't afford, have money saved to pay for emergency expenses, and to stay on top of your record keeping.
answered 10 hours ago
Charles E. GrantCharles E. Grant
6,6423 gold badges22 silver badges18 bronze badges
add a comment |
Some credit cards will charge an annual fee. If you qualify for a card with no annual fee, don't get cash advances, and pay in full each month, you won't be charged any interest. I think I've been charged a month's interest twice in the last five years, both times because I spaced out and missed the billing due date. The main things are to really know how much income you'll have each month, not buying things you can't afford, have money saved to pay for emergency expenses, and to stay on top of your record keeping.
answered 10 hours ago
Charles E. GrantCharles E. Grant
6,6423 gold badges22 silver badges18 bronze badges
add a comment |
Some credit cards will charge an annual fee. If you qualify for a card with no annual fee, don't get cash advances, and pay in full each month, you won't be charged any interest. I think I've been charged a month's interest twice in the last five years, both times because I spaced out and missed the billing due date. The main things are to really know how much income you'll have each month, not buying things you can't afford, have money saved to pay for emergency expenses, and to stay on top of your record keeping.
answered 10 hours ago
Charles E. GrantCharles E. Grant
6,6423 gold badges22 silver badges18 bronze badges
Some credit cards will charge an annual fee. If you qualify for a card with no annual fee, don't get cash advances, and pay in full each month, you won't be charged any interest. I think I've been charged a month's interest twice in the last five years, both times because I spaced out and missed the billing due date. The main things are to really know how much income you'll have each month, not buying things you can't afford, have money saved to pay for emergency expenses, and to stay on top of your record keeping.
answered 10 hours ago
Charles E. GrantCharles E. Grant
6,6423 gold badges22 silver badges18 bronze badges
answered 10 hours ago
Charles E. GrantCharles E. Grant
6,6423 gold badges22 silver badges18 bronze badges
answered 10 hours ago
Charles E. GrantCharles E. Grant
6,6423 gold badges22 silver badges18 bronze badges
answered 10 hours ago
Charles E. GrantCharles E. Grant
6,6423 gold badges22 silver badges18 bronze badges
6,6423 gold badges22 silver badges18 bronze badges
add a comment |
add a comment |
But if you are disciplined and you have an emergency basket saved up, is there any other way that "banks can get you", so to speak?
Annual fees.
But the only people who should be paying annual fees on their cards are those who have special needs and benefit from those fees.
The rest of us benefit from "slightly deferred payments" and fraud protection, while leeching off the people who do pay interest.
answered 10 hours ago
RonJohnRonJohn
20.9k6 gold badges41 silver badges82 bronze badges
2
The kid's 529 acct, funded only with the card cash-back, and market returns, has just passed $47,000 in total (i.e. current bal plus withdrawals for paid tuition). Major leech, I am. Never paid a dime of interest or annual fee on this card.
– JoeTaxpayer♦
10 hours ago
2
If there are ways that "banks can get you", they haven't found me. I've had credit cards for nearly 50 years and I haven't paid a penny in interest or annual fees while collecting $500 to $1,000 a year in cash-back. Signed, Leech Number Two
– Bob Baerker
10 hours ago
2
@JoeTaxpayer They still love you for all the merchant fees they've collected.
– Hart CO
9 hours ago
1
@HartCO but they haven't "gotten" Joe, they've "gotten" the merchants.
– RonJohn
8 hours ago
@RonJohn Yeah they didn't get him, but they love him.
– Hart CO
8 hours ago
|
show 1 more comment
But if you are disciplined and you have an emergency basket saved up, is there any other way that "banks can get you", so to speak?
Annual fees.
But the only people who should be paying annual fees on their cards are those who have special needs and benefit from those fees.
The rest of us benefit from "slightly deferred payments" and fraud protection, while leeching off the people who do pay interest.
answered 10 hours ago
RonJohnRonJohn
20.9k6 gold badges41 silver badges82 bronze badges
2
The kid's 529 acct, funded only with the card cash-back, and market returns, has just passed $47,000 in total (i.e. current bal plus withdrawals for paid tuition). Major leech, I am. Never paid a dime of interest or annual fee on this card.
– JoeTaxpayer♦
10 hours ago
2
If there are ways that "banks can get you", they haven't found me. I've had credit cards for nearly 50 years and I haven't paid a penny in interest or annual fees while collecting $500 to $1,000 a year in cash-back. Signed, Leech Number Two
– Bob Baerker
10 hours ago
2
@JoeTaxpayer They still love you for all the merchant fees they've collected.
– Hart CO
9 hours ago
1
@HartCO but they haven't "gotten" Joe, they've "gotten" the merchants.
– RonJohn
8 hours ago
@RonJohn Yeah they didn't get him, but they love him.
– Hart CO
8 hours ago
|
show 1 more comment
But if you are disciplined and you have an emergency basket saved up, is there any other way that "banks can get you", so to speak?
Annual fees.
But the only people who should be paying annual fees on their cards are those who have special needs and benefit from those fees.
The rest of us benefit from "slightly deferred payments" and fraud protection, while leeching off the people who do pay interest.
answered 10 hours ago
RonJohnRonJohn
20.9k6 gold badges41 silver badges82 bronze badges
But if you are disciplined and you have an emergency basket saved up, is there any other way that "banks can get you", so to speak?
Annual fees.
But the only people who should be paying annual fees on their cards are those who have special needs and benefit from those fees.
The rest of us benefit from "slightly deferred payments" and fraud protection, while leeching off the people who do pay interest.
answered 10 hours ago
RonJohnRonJohn
20.9k6 gold badges41 silver badges82 bronze badges
answered 10 hours ago
RonJohnRonJohn
20.9k6 gold badges41 silver badges82 bronze badges
answered 10 hours ago
RonJohnRonJohn
20.9k6 gold badges41 silver badges82 bronze badges
answered 10 hours ago
RonJohnRonJohn
20.9k6 gold badges41 silver badges82 bronze badges
20.9k6 gold badges41 silver badges82 bronze badges
2
The kid's 529 acct, funded only with the card cash-back, and market returns, has just passed $47,000 in total (i.e. current bal plus withdrawals for paid tuition). Major leech, I am. Never paid a dime of interest or annual fee on this card.
– JoeTaxpayer♦
10 hours ago
2
If there are ways that "banks can get you", they haven't found me. I've had credit cards for nearly 50 years and I haven't paid a penny in interest or annual fees while collecting $500 to $1,000 a year in cash-back. Signed, Leech Number Two
– Bob Baerker
10 hours ago
2
@JoeTaxpayer They still love you for all the merchant fees they've collected.
– Hart CO
9 hours ago
1
@HartCO but they haven't "gotten" Joe, they've "gotten" the merchants.
– RonJohn
8 hours ago
@RonJohn Yeah they didn't get him, but they love him.
– Hart CO
8 hours ago
|
show 1 more comment
2
The kid's 529 acct, funded only with the card cash-back, and market returns, has just passed $47,000 in total (i.e. current bal plus withdrawals for paid tuition). Major leech, I am. Never paid a dime of interest or annual fee on this card.
– JoeTaxpayer♦
10 hours ago
2
If there are ways that "banks can get you", they haven't found me. I've had credit cards for nearly 50 years and I haven't paid a penny in interest or annual fees while collecting $500 to $1,000 a year in cash-back. Signed, Leech Number Two
– Bob Baerker
10 hours ago
2
@JoeTaxpayer They still love you for all the merchant fees they've collected.
– Hart CO
9 hours ago
1
@HartCO but they haven't "gotten" Joe, they've "gotten" the merchants.
– RonJohn
8 hours ago
@RonJohn Yeah they didn't get him, but they love him.
– Hart CO
8 hours ago
2
2
The kid's 529 acct, funded only with the card cash-back, and market returns, has just passed $47,000 in total (i.e. current bal plus withdrawals for paid tuition). Major leech, I am. Never paid a dime of interest or annual fee on this card.
– JoeTaxpayer♦
10 hours ago
The kid's 529 acct, funded only with the card cash-back, and market returns, has just passed $47,000 in total (i.e. current bal plus withdrawals for paid tuition). Major leech, I am. Never paid a dime of interest or annual fee on this card.
– JoeTaxpayer♦
10 hours ago
2
2
If there are ways that "banks can get you", they haven't found me. I've had credit cards for nearly 50 years and I haven't paid a penny in interest or annual fees while collecting $500 to $1,000 a year in cash-back. Signed, Leech Number Two
– Bob Baerker
10 hours ago
If there are ways that "banks can get you", they haven't found me. I've had credit cards for nearly 50 years and I haven't paid a penny in interest or annual fees while collecting $500 to $1,000 a year in cash-back. Signed, Leech Number Two
– Bob Baerker
10 hours ago
2
2
@JoeTaxpayer They still love you for all the merchant fees they've collected.
– Hart CO
9 hours ago
@JoeTaxpayer They still love you for all the merchant fees they've collected.
– Hart CO
9 hours ago
1
1
@HartCO but they haven't "gotten" Joe, they've "gotten" the merchants.
– RonJohn
8 hours ago
@HartCO but they haven't "gotten" Joe, they've "gotten" the merchants.
– RonJohn
8 hours ago
@RonJohn Yeah they didn't get him, but they love him.
– Hart CO
8 hours ago
@RonJohn Yeah they didn't get him, but they love him.
– Hart CO
8 hours ago
|
show 1 more comment
"I've always considered credit cards to be a financial product for (mostly) poor people". Well, you're wrong.
– RonJohn
10 hours ago