Why am I never getting charged interest on my credit cards?
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Okay so I'll admit I don't really know how interest on credit cards work, so maybe I just don't understand what's going on. But I have three credit cards, all with varying interest rates. I always pay at least the minimum payment and always pay on time. I usually leave a $5-$15 balance, never leaving a $0 balance. I'm just trying to figure out why I am never charged interest. One of the cards has a 13.99% rate, one is 17.99%, and the other is 21.99% (I'm only 20 years old, that's why the rates are so high). When ever the next period begins, my account balance is not any higher than how it ended. Obviously I don't mind not paying interest, but I'm trying to figure out what's going on. Thanks.
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Answer:
Why on earth would you leave a balance on $5-$15? I have no idea why they aren't charging interest. Read through your contract terms to see if there is a detail that you were unaware of. As for carrying these small balances, that's just silly. Under normal circumstances you would be accumulating interest payments for no reason. I'm sure you can afford to clear your balance in each period, especially when it's only $5. Losing interest payments in this way is just money down the drain for no reason.
Mike-Q at Yahoo! Answers Visit the source
Other answers
you obviously don't know how to read your statement or else you have offsetting credits that amount to the unpaid balance. there is no way that the interest won't get charged.are you sure the cards didn't have a time period for 0% interest when you signed up? it would be very foolish "not to mind paying interest" when all that interest adds up you could have purchased yourself something else. you have an immature financial attitude...be careful, it can get you in big financial trouble.
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