You donât pay interest on credit card debt for 30 days if itâs paid to 0 each billing cycle.
It doesnât imply youâre living beyond your means unless you donât have the cash flow to service the debt to 0 each billing cycle.
The credit system is designed to enable individuals to spend more money then they currently have. If you live within your means and avoid that trap, the bankers actually lose money.
Which cards?
Usually it's 0% for x amount of months, then it goes up to 1.3% to nearly 7%... depending on the company.
The only way to avoid it is to not get into some type of contract and cancel them before the rates hit.
Unless things have changed. Which I doubt. No one professionally loans money without a kickback. They just don't.
With every card, if you pay your balance IN FULL, within 30 days of the end of the billing cycle, you do not pay interests on the purchases.
They only start accruing interest once youâve carried a balance over to a following pay period, at which point theyâll accrue interest DAILY, on all purchases.
You MUST pay your balance in full, EACH BILLING CYCLE, and continue to do so, in order to avoid interest accruing.
If you maintain your cash flow, and pay your bills in full each month, you can use credit cards, accrue points, and not pay interest.
Only the financially literate and responsible can achieve the high status of fucking the bankers with their own tools.
So when card issuers don't make money through credit card interest, if you pay your balance in full (each month), they still make money through anual card fees, transaction fees, foreign exchange fees, over limit fees, and other miscellaneous charges. The networks also charge merchants interchange fees for every purchase you make... according to the internet.
