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Thread: How Much is Your Credit Card REALLY Costing You??. . .

  1. #1
    Luv Saving People Money MortgageQueen's Avatar
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    Here is a fabulous link/calculator that helps you see options to pay off your credit card and how much it will actually be costing you in interest over the interim.

    Cheers! MQ


    http://itools-ioutils.fcac-acfc.gc.c...CCalc-eng.aspx
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  2. #2
    tightwad and proud of it! brunt's Avatar
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    Brunt's #1 rule of finances....

    Don't ever, ever, ever pay interest on a credit card. Seriously, don't do it. Introductory rate, special transfer rate, it does not matter. Never, ever pay. Period.

    Hopefully that wasn't too wishy-washy a stand.
    Natalka, Zonny, mulock and 4 others like this.

  3. #3
    Smart Canuck
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    My long time past away mother-in-law had what I think is a very interesting concept for credit cards.

    "The only people that can afford to have them are the ones that use them for convenience, NOT FOR NECESSITY"
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  4. #4
    Contradiction in progress sweet sparrow's Avatar
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    The WM cashier asked me this very question last week in an attempt to peddle the WM MC and I hadn't a clue what she meant. There are so many fees regarding cards, it's hard to pinpoint which "cost" it is now: annual fee, interest payments, transfer fees, ....
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  5. #5
    Smart Canuck mulock's Avatar
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    In all my life of 39 years, only once did I pay interest on a credit card....that was way back in my university days. Since then I use my credit card like a debit card, and pay off the balance in full every two weeks. I only have the card for the points

    Quote Originally Posted by brunt View Post
    Brunt's #1 rule of finances....

    Don't ever, ever, ever pay interest on a credit card. Seriously, don't do it. Introductory rate, special transfer rate, it does not matter. Never, ever pay. Period.


    Hopefully that wasn't too wishy-washy a stand.

  6. #6
    Canadian Guru
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    I too have my credit card for the points (plus the rental car insurance coverage). It's paid off every month, don't care what the interest rate is. I wasn't always that sensible though.
    amira84 and dededi like this.

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