Marvin Nathaniel Smith JR explains how to avoid paying credit card interest

Your credit card will come with a guarantee that it will make your day to day life easier, however, at the end of the day, it will all depend on your own payback routine. If your payback routine does not cut it, then for sure you will be in for a hard time. However, what is essential is to make sure that you understand the rules right before getting a credit card issued.

Paying interest on your credit card may even come to the point of making you money less. However, before the situation comes to that, you must get control of it. If you do not pay your monthly bill on time, and there is balance on your card, you will be charged interest in the form of a finance charge. Now if this becomes a monthly routine, you will be paying extra for no reason.

How to avoid paying credit card interest

Do not fall for the trap of “interest-free,””same-as-cash,” and “no-interest-if-paid-in-full” promotions.

Yes, we are calling them traps because they certainly do trap a person. At the end of the promotion there will hardly be a chance to avoid the interest that will fall with an unreasonable rate. You will either have to pay the full amount, or settle for the interest rate. Therefore the issuance of an interest free credit card will never be the best option.

Pay the bill on time

This may seem like the most basic idea but yes it will work wonders for you! It will ensure that you are getting a good deal, and not one that rips you off over time. There will always be a minimum payment option, however it is better that you pay off the entire amount and free yourself off the pressure.

Make few payments over the month and make your life easier

You can make few payments over the month, meaning multiple small payments, and by the end of the month you will not have spent a hefty amount at once. Before the next month starts you will be done with the bill and looking forward to another month of small payments. This will make your life much easier in terms of giving money for the bill of your credit card.

You will ensure you are not falling for new schemes that your issuer introduces midway

Some days midway you will be receiving calls of your issuer claiming that there are new schemes. Do not fall for them because they will not always be beneficial for the interest rate you will be paying. Stick to the initial rate that you agreed upon.

Interest is not always great for your household. It will make you return way more than you borrowed in the first place, and that is a trap that you do not want to fall for especially if you are already going through financial hurdles that made you take credit in the first place.

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