2007-03-16 15:48:25 · 7 answers · asked by Gee 2 in Business & Finance ➔ Credit
Yes, You still borrowed the money, even if you payed it back on time. You just don't have to pay the late fees! Good Job You!
2007-03-16 15:55:54 · answer #1 · answered by Jen 2 · 0⤊ 1⤋
The only time you pay interest on a credit card is if you carry a balance into the next bill. So paying off your full balance each month is the best thing for you to do.
Don't ever do a cash advance on your card. Your rate will be higher then it would on a normal purchase. Look at the fine print or call the 800 number on the back of your card to find out the advance rate.
2007-03-17 00:12:46 · answer #2 · answered by tas8633 1 · 1⤊ 0⤋
If you pay your balance in FULL every month there is no interest. Credit Cards have gotten sneaky and I have had them try. Call and complain if they do. They will remove it if you make a stink. If you don't pay your balance in full they will charge interest on the whole amount. Cash advances start incurring interest immediately, no 30days. So those are not a good move.
I have paid my balance in full and got a bill the following month for $7.00 complained, they took it off. Has happened more than once on different cards, so read your statement carefully.
Congress is working on tighter regulations regarding these practices right now.
2007-03-17 00:56:07 · answer #3 · answered by Anonymous · 0⤊ 0⤋
If each billing cycle purchases are paid in full each month there will be no interest charges, however if one month you have a remaining balance, then the next billing cycle will accrue interest on the remaining balance so even if you pay it in full the next month you will have accrued interest on the previous month's remaining balance
2007-03-17 01:13:16 · answer #4 · answered by Ben M 2 · 0⤊ 1⤋
Read the contract. It depends. Most people do pay interest. As long as I meet certain conditions, I don't. BUT if I fail to meet those conditions I will pay interest and lots of it.
2007-03-16 23:19:34 · answer #5 · answered by Jack 7 · 1⤊ 0⤋
No interest...however, if you pay part of the amount due on time you will be charged interest on the whole amount the first month...be careful, i just found that out!!
2007-03-16 22:56:33 · answer #6 · answered by Travel_Fan 2 · 0⤊ 0⤋
No interest if you pay the full balance each month.
2007-03-16 22:56:51 · answer #7 · answered by The man 7 · 0⤊ 0⤋