Wow, $60 interest for Credit Card

@sasalove (1710)
China
September 21, 2009 7:53am CST
There is a popular concept here that we will consume before the payment, Since from using the credit card, I am aware that my consuming is out of my expectation. In the past, as my spending money is under $1000, I will clear my payment monthly. In these two months, as I buy a mobile and other expensive stuff that the payable amount is rolling, I just pay for the minimum(10%of consuming) and find that the interest is accumulated to $60 this month. we can not look down upon the minor things that accumulating. Do you use credit card? Will you pay monthly for your consuming? Under which bank of credit card do you use? Are you confused ever by the interest that occured?
2 people like this
2 responses
@applefreak (3131)
• Singapore
23 Sep 09
wow that's quite a bit of interest to pay. i always find that credit card interest rates are exorbitant! here where i am, the usual is at 2% per month. and interest is charged on new purchases if there are any rolled over balances. the interest-free period no longer apply the moment the full bill is not paid. thankfully i have learnt my lesson well. i make sure i pay up the full amount due every month. this means that i don't have to pay any interest or late charge.
@sasalove (1710)
• China
24 Sep 09
Hi Applefreak, Yeah, the interest rates is exorbitant whild we did not pay up the full amount, I should go to clear this month and watch my consuming next time.
@AlyssaCB (68)
• Canada
21 Sep 09
I buy everything on my credit card, as i have a Rewards Card so for everything i buy on my card i get 2% of the value payed onto my card each year by my visa company. it averages out to about 150 - 200 a year. I never use my debit card, and i dont carry cash. I pay way more than just my minimum each month. If you only pay the minimum on your card, you are only covering the interest, not the money you actually owe. Personally i try to pay at least what i bought, if not the interest as well, i feel if i dont, then i just slip further and further behind.
@sasalove (1710)
• China
22 Sep 09
It is nice to get 2% of the value pay by the Rewards Card and supposed that 150-200 can afford a valued furniture or other values yearly. It seems that we did not have the Reward Card here, just rewarding some little presents after you consume to a certain amount. Maybe the policy of each Visa company vary. Happy Mylotter.