How do you avoid purchase interest charges?

The only way to avoid purchase interest charges is to pay off any credit card debt you incur. Ideally, that means not incurring credit card debt that you will find difficult to pay back on time. You can reduce your chances of having to pay purchase interest charges through diligent budgeting and keeping close track of your credit cards’ billing cycles. Alongside financial problems, many people simply forget to pay their credit card bills on time. If you don’t want to wastefully incur purchase interest charges, set an alarm that will go off ahead of the due date.

How often is purchase interest charged?

Purchase interest is charged to people all the time, but most Canadians don’t incur these charges. According to the Canadian Bankers Association , 70% of Canadians pay their balance in full every month. That means that 70% of Canadians do not pay any interest on their credit cards.

Myles Leva

With a focus on business management and financing, Myles takes a proven approach to financial writing that's structured in a format to engage business owners and individuals struggling with debt and managerial challenges.

His proven approach to financial writing has magnetized a range of companies to his services that people around the world rely on.

Latest posts from Myles Leva

Credit Cards 4 min

Myles Leva

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