How to save 20 – 30% plus annual interest on your Credit Card


Yes! that is right. Annually you end up paying more than 30% of interest on your credit card if you pay the minimum payable amount. I know that this kind of amount would weigh heavily on anyone. The interest rate is simple mind bogging.

What most people do while paying the credit card bills –
1. Pay the entire bill amount
2. Pay the minimum bill amount
3. Pay a partial bill amount

If you make minimum payment for you card each month, then you end up paying more than 20-30 percent of the amount in interest costs!! However if you pay the whole amount each month or a partial amount (that meets most of the bill amount) then your interest cost is minimal.

With a little discipline you can actually ensure that you pay ZERO INTEREST for your credit card
Here is the list of things to be done to ensure that you credit card interest is zero :

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1. Look up for the bill generation date for your card

This is a very important date that you need to mark on your calendar and remember if you do not want to pay any interest.

2. A couple of days before the bill generation date, pull up the UNBILLED TRANSACTIONS report of your credit card.

3. Make the payment for the whole amount one day before the bill generation date.

4. Make sure to ensure that all your credit card transactions are reflected in the report. Sometimes it takes a couple of days for the amount to be reflected in the unbilled transactions report

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With this you are good to avoid the huge interest of your credit card. However you can use the points to redeem the goodies which your credit card provider offers!!

Sometimes we end up busy with work that we forget to pay the credit card bill amount. I have faced this issue when I am held up with many so called priority items.
Sometimes we simply spend much much more than we need to without any planning or prioritization .
With all this we end up spending a lot more on credit card interest.
I have seen many of my colleagues during the initial phase of their career get caught up with the madness of the marketers (advertising and peer pressure as I see) spending more than needed. This will get anyone into a debt trap within a short period!!

Please let me know your feedback on this article and also your suggestions 🙂
Also do make sure to share this article with any of your friends who would benefit from this info.

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