credit cards we all have them (good suggestions?)

[sbg]

if you pay interest on any card regardless of how low the interest are then you are using it wrong.. my capital one card is at 29.99% and i have yet to pay interest on that card for the year. last year i think i paid only $15 in interest

i only use it to pay bills or for fuel sometimes for audio stuff. though make sure i pay it by the end of the week or before the billing cycle.. if you buy something you cant pay within the cycle then you are over spending [/quote. space

This is how I use my card also.but I have had a card company turn my card off because they didnt make interest off me.

[sayhuh?]

Usually you have a 21-25 day grace period depending on card. Pay with in that and you are good

This is kind of misleading. Grace period you are referring to is interest charged on the amount spent on the card. Payments to the card don't necessarily mean you won't be charged a late fee..it could be the day after and they can charge you a late fee. Just don't confuse this!

BIGGEST thing with credit cards is to never spend more than 40% of your limit. 1000.00 card, never have more than $400 on it. Then you want quite a few months here and there with it being reported with a 0 balance(but keeping it close to 0 as much as possible, to avoid interest charges.). The idea is to show responsibility with unsecured debts. Also, always try to pay more than the minimum payment due. They have it worked out to where you can almost never pay off your credit card with minimum payments made...well it will seem like forever. This is so they can collect as much interest from you as they can.

Yeah, I was just talking about interest but if he pays within the grace period how will he be late on a charge?

Some cards have two types of grace periods. Interest and payment due by. Say your payment is due the 1st, then you pay it the 2nd, some companies consider it late and charge you a fee. Some give a 10 day grace period to where they won't charge you a late fee until the 11th or 12th (what ever they seem fitting lol)

That is what I mean by two types of grace periods. The one you are referring to is now federal law, I believe.

[Kyblack76]

I have 2.

One for renting rooms, the other in case lauras truck breaks when im not there. Other than that...... , no idea what are good and such....

[Ahmed Johnson]

Usually you have a 21-25 day grace period depending on card. Pay with in that and you are good

This is kind of misleading. Grace period you are referring to is interest charged on the amount spent on the card. Payments to the card don't necessarily mean you won't be charged a late fee..it could be the day after and they can charge you a late fee. Just don't confuse this!

BIGGEST thing with credit cards is to never spend more than 40% of your limit. 1000.00 card, never have more than $400 on it. Then you want quite a few months here and there with it being reported with a 0 balance(but keeping it close to 0 as much as possible, to avoid interest charges.). The idea is to show responsibility with unsecured debts. Also, always try to pay more than the minimum payment due. They have it worked out to where you can almost never pay off your credit card with minimum payments made...well it will seem like forever. This is so they can collect as much interest from you as they can.

Yeah, I was just talking about interest but if he pays within the grace period how will he be late on a charge?

Some cards have two types of grace periods. Interest and payment due by. Say your payment is due the 1st, then you pay it the 2nd, some companies consider it late and charge you a fee. Some give a 10 day grace period to where they won't charge you a late fee until the 11th or 12th (what ever they seem fitting lol)

That is what I mean by two types of grace periods. The one you are referring to is now federal law, I believe.

Well, if it is federal law, then what was it I said that was misleading? I just want to make sure that I understand credit.

[sayhuh?]

Usually you have a 21-25 day grace period depending on card. Pay with in that and you are good

This is kind of misleading. Grace period you are referring to is interest charged on the amount spent on the card. Payments to the card don't necessarily mean you won't be charged a late fee..it could be the day after and they can charge you a late fee. Just don't confuse this!

BIGGEST thing with credit cards is to never spend more than 40% of your limit. 1000.00 card, never have more than $400 on it. Then you want quite a few months here and there with it being reported with a 0 balance(but keeping it close to 0 as much as possible, to avoid interest charges.). The idea is to show responsibility with unsecured debts. Also, always try to pay more than the minimum payment due. They have it worked out to where you can almost never pay off your credit card with minimum payments made...well it will seem like forever. This is so they can collect as much interest from you as they can.

Yeah, I was just talking about interest but if he pays within the grace period how will he be late on a charge?

Some cards have two types of grace periods. Interest and payment due by. Say your payment is due the 1st, then you pay it the 2nd, some companies consider it late and charge you a fee. Some give a 10 day grace period to where they won't charge you a late fee until the 11th or 12th (what ever they seem fitting lol)

That is what I mean by two types of grace periods. The one you are referring to is now federal law, I believe.

Well, if it is federal law, then what was it I said that was misleading? I just want to make sure that I understand credit.

Because grace periods can mean two things lol. The one you were talking about and the payment due grace period. Yours was only misleading due to being vague in which one you were referring too. Credit card companies are the devil. I spend next to nothing on mine to prevent low interest paid out and not over spending by "because it's there". Also, with the other grace period on payments due, if you are one day past the due date, they can raise your rate. lol...they suck

Basically:

A grace period is usually the only a feature of a loan on which interest is calculated monthly, if it is calculated at all. Under some loan contracts, payments outstanding during grace periods are interest free, but the majority have interest compounding during the grace period. Be sure to check your loan contract for the specifics on any grace periods.

Credit cards for example, on which interest is calculated daily, do not have any grace periods.

and

The grace period is the time during which you are allowed to pay your credit card bill without having to pay interest. The Credit CARD Act of 2009 requires that if issuers have grace periods, they must last at least 21 days. The grace period usually applies only to new purchases. Most credit cards do not give a grace period for cash advances and balance transfers; instead, interest charges start right away.