I agree with sosafan. It isn't going to hurt as long as you can pay it off instantly. But interest does accrue daily so you gotta pay it fast. If anyone has one that doesn't accrue daily, PM me. I was pissed because I had to pay $2.33 last month in interest. Not cuz the $2, just the principle of it.
No it doesn't. Interest only accrues on balances that aren't paid in full at the end of the billing cycle.
Discover and at least one other issue do something called '2-cycle billing' where if you carry a balance (and thus have to pay interest), then the interest is calculated on the average daily balance of the current bill and the previous bill.
But all credit cards have a grace period where you don't pay interest or financing charges at all if you pay in full consistently.
You might have that awful card marketed by Capitol One. They have a card that bills you a finance charge of 1% of the billed balance. That is AWFUL, and equates to a ridiculously high APR that you could almost beat at Payday Loans.
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I agree with sosafan. It isn't going to hurt as long as you can pay it off instantly. But interest does accrue daily so you gotta pay it fast. If anyone has one that doesn't accrue daily, PM me. I was pissed because I had to pay $2.33 last month in interest. Not cuz the $2, just the principle of it.
No it doesn't. Interest only accrues on balances that aren't paid in full at the end of the billing cycle.
Discover and at least one other issue do something called '2-cycle billing' where if you carry a balance (and thus have to pay interest), then the interest is calculated on the average daily balance of the current bill and the previous bill.
But all credit cards have a grace period where you don't pay interest or financing charges at all if you pay in full consistently.
You might have that awful card marketed by Capitol One. They have a card that bills you a finance charge of 1% of the billed balance. That is AWFUL, and equates to a ridiculously high APR that you could almost beat at Payday Loans.