3 ms·
I feel like this might be a good place to share something I learned recently about credit cards: interest accrues daily, not by statement (e.g. monthly). Furthe
by jmholla 3y ago
I feel like this might be a good place to share something I learned recently about credit cards: interest accrues daily, not by statement (e.g. monthly). Further, your statement does not accurately reflect what you owe for that billing period. Instead, the interest for that period will be reflected on your next bill.
I had errantly figured I could postpone my payments to the due date and not accrue interest, but that is not the case and I ended up with a few hundred dollars more in interest than I expected.
- deleted 3y ago[deleted]
- dangus 3y agoThis is true, but only if you’re not paying your full statement balance each month. If you’re paying your full statement balance then you can wait all the way until the due date since you’ve never accrued any interest in the first place.