Quote:
Originally Posted by noppenbd
You should not even have to pay the full balance, only the statement amount before the due date. I do this every month and never pay a finance charge.
This is assuming your CC provider does not use double cycle billing. In that case if you did not pay the full bill the previous month you can get hit with interest the next month even if you pay in full!
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Hmmm. Two different questions by the OP here:
Interest charges will be added to your total each month if you do not pay in full before the due date.
Finance charges would only accumulate if you do not pay the statement amount.... or if you transfer a balance... or do anything else that requires paperwork.
Or finance charges can also accumulate if your CC company uses either "double-cycle billing" or another method called "average daily balance."
You will need to know which "finance charge" method each of your credit card companies use, if you do not wish to pay any finance charges whatsoever. Or to avoid it altogether, pay in full each and every month (thereby also not paying any interest charges either).