16

But if you are disciplined and you have an emergency basket saved up, is there any other way that "banks can get you", so to speak? Annual fees. But the only people who should be paying annual fees on their cards are those who have special needs and benefit from those fees. The rest of us benefit from "slightly deferred payments" and fraud protection, ...


11

Some credit cards will charge an annual fee. If you qualify for a card with no annual fee, don't get cash advances, and pay in full each month, you won't be charged any interest. I think I've been charged a month's interest twice in the last five years, both times because I spaced out and missed the billing due date. The main things are to really know how ...


7

Aside from the already mentioned Cash Advances, which typically trigger fees and immediate interest accumulation, also for previous 'normal' credit card payments, this applies also to some 'hidden' cash advances, depending on your credit card: Some count gambling (including lottery tickets), gift cards, and similar buys the same way (gift cards are a kind of ...


3

The places where you use your credit card have to pay a fee (usually a couple of percent) to accept payment through it. This sometimes leads to places giving you a better deal if paying by cash (eg if it's a car) or generally causes the prices in shops to be higher to take this fee into consideration While this doesn't answer your headline question, it does ...


2

Not called "interest" but I was hit with a separate "quasi-cash" fee of CAD 2.75 for a smallish sum I sent an overseas supplier via a transfer service. That amounted to about 1% of the total. It was otherwise treated as any other credit card purchase. A quick search finds that this kind of fee is charged for certain other transactions such as online ...


2

I assume that by "due time" you're probably referring to the statement due date. But in the case where you have an "introductory" 0% rate for a fixed number of months, it is worth noting that while ordinarily you don't have to repay the full balance until the end of that period to avoid paying interest, you can generally lose that introductory rate if you ...


1

This only applies if you've carried a balance across periods, but.... I actually had this happen to me recently with a currently well advertised credit card. Apparently paying "the complete new balance" on the statement only exempts "new balance incurring charges during the current cycle" -- not existing balances as calculated by average daily. I paid off ...


1

Some transactions can count as cash advance, which can incur interest from the day of the transaction. Examples can include*: Buying gift cards Buying crypto-currencies Also, they still "get you" in the sense that there is a credit card processing fee that is charged to the seller whenever you buy something. The seller may should to either add this charge ...


1

Some credit cards give you the option to borrow cash ("cash advance"). In addition to fees, this cash withdrawal can be charged interest per day, which can accrue even if you pay back the original principal in full at the end of the month.


Only top voted, non community-wiki answers of a minimum length are eligible