To: Dr. Sivana
"Do they include people who buy everything on the card to get cash back or convenience and pay it off every month before interest comes due?" Most cards these days actually collect interest on a daily basis. They just divide the APR by the number of days in the year and charge based on that.
46 posted on
05/12/2024 7:28:51 PM PDT by
The Duke
(Not without incident.)
To: The Duke
Most cards these days actually collect interest on a daily basis. They just divide the APR by the number of days in the year and charge based on that.
Every card I have ever had includes a 25-35 day grace period from the end of the billing period before any interest accrues. MANY people pay the bill and no interest.
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