years ago, I had only two credit cards. Both were very high interest (36%) and the interest started the second you made the charge. If you wanted to pay off the statement balance, you had to call them to tack on the interest charges, otherwise the interest would draw interest the next month).
thank God those cards are paid off and the accounts were closed years ago (I closed them because even if I didn’t put a penny on either card, there was a $20 per month (per card) “maintenance fee” and each card carried a $150 per year membership fee. If I didn’t put a penny on them, I owed them $780 per year).
Nowadays I have four cards and haven’t paid interest in over two years. I got a zero interest card (for 15 months) from my bank and just paid it off since interest kicks in next month.
I also just got another interest free card with a five figure limit but only owe $1000 on it. I could pay it off with savings, but why? It’s interest free.
I do put about $10 on each paid off card per month just to have the timer reset. (they can cancel you for inactivity), but all balances are paid off monthly (thus, no interest).
Thank God the girlfriend is gone. She sucked me dry (and not in a good way). Ran up my credit cards, ran me into debt. I’m now in the best financial shape of my life, although I should have started this years ago.
It feels good doesn’t it.
If you are in debt you put yourself into bondage to those that hold the debt. You were in worse shape than I was when I woke up to what my credit cards were costing me. I have not paid interest on a credit card for close to 30 years.
Oh, by the way, the credit card companies still make money when I charge (the merchants has to give up about 5%, also I believe it is in their contract that they can not give a discount for cash payment.