How does paying off the balance monthly help a credit card user avoid finance charges?

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06-05-2017
Mathematics

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How does paying off the balance monthly help a credit card user avoid finance charges?

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throwdolbeau throwdolbeau · Answer 1 · 2019-02-15T09:34:49+01:00

Answer:

Credit cards allows us to make purchases today and pay for them later. If it takes us longer than a month to pay off our balance then we will have to pay an extra fee in the form of a finance charge.

Since finance charges is the way of charging us by the credit card issuing authority for carrying a balance on our credit card and not paying it off completely at the end of each month.

Thus, the simple way to avoid finance charges is to not carry a balance and this can be done by paying off the carrying amount on the credit card at the end of each month.

divorcedspiderman divorcedspiderman · Answer 2 · 2021-02-16T17:15:19+01:00

divorcedspiderman divorcedspiderman

16-02-2021

The best way to avoid these charges is to pay off the balance on time. You will often get a grace period of around 21 days after receiving the bill in which to do this. If you just pay off the minimum you will be incurring more and more interest and it will take you a long time to pay off the debt.

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