How To Avoid High Interest Charge on Your Credit Card
There is a credit term call grace period its a period within which you may pay your bill without being charged interest. Its usually a period of 25-30days before interest kicks in. Recently, most issuing companies are eliminating this grace period and instead offering a low fixed interest rate. The question now is which one is better between grace period and low fixed interest rate?
It will be a bit difficult to have one answer that will favour everybody. Some prefer paying their bills in full within the normal grace period. To this group of people the grace period will be better. It will be advisable for them to shop for grace period cards and avoid no-grace-period cards.
Some banks do charge interest from the day they process your charge slip when you use your card to get cash. If you normally pay your bill in full you still need to shop for card that offers very low interest rate plus grace period, if you are to avoid interest charges on your account. However, for those that usually carry a balance each month, the low interest rate will be good for them. If you are in this group you can even shop...
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