What is the best strategy to avoid paying interest on your credit cards?

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  • April 12, 2024 at 3:30 pm #32777
    Geoff Massanek
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    April 12, 2024 at 3:32 pm #32788
    Geoff Massanek
    Moderator

    The best strategy to avoid paying interest on your credit cards is to pay off your balance in full each month. 

    Interest only builds up when you don’t pay your full bill statement (like when you only pay the minimum balance or a bit above that minimum). 

    The only other way around making interest payments is to get a card with a 0% APR (Annual Percentage Rate). Note that cards with 0% APR usually have this offer for a limited time, often 12-18 months, after that interest will accrue on unpaid balances. 

    Popular 0% interest cards include the Chase Freedom Flex, Citi® Diamond Preferred®, and Discover it® Cash Back.

    If you do get one of these 0% interest cards make sure to pay the balance off before the offer is up to avoid interest charges.

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StellarFinance, Inc. and its affiliates do not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.

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