I owe a little over15k thousand dollars in credit card debt and so far I've paid zero in interest for the past two years. And yes I carry a balance. An im saving around 375 in interest by doing these techniques In this video, im going to give you 7 different ways that you can get away with paying no interest, and yes this works in the modern day as in 2019- 2023 most likely. Oh and I have a bonus 8th one, so make sure you stick around for that.
Why you want to avoid paying Credit Card Interest.
1# Apr is too high, you can't win. Example returns are 7% on average; you need to triple your returns like warren buffet to make that 30% back the credit card took. Oh and if you have your money in savings earning 2%, well you need to earn 15x that just to keep up with the credit card. You can't win.
Defer Interest: Although they might not charge you any interest for the first 6 months, if you don’t pay off the balance in full they will charge you all the interest accrued in total. Including the one from does 6 months
So here are the 7 ways to get around paying for interest.
1. Pay it at the end of the month.
- I know generic but true, if you pay the balance before the statement closes, then you avoid paying interest. Example, on average you 21-27 days to pay interest-free
2. Balance transfer:
- Some cards especially Credit union offer 0% on balance transfer and also 12 months to pay no interest, (they are so nice) well no, their hoping you'll carry a balance with them. It’s the game, know how to play it.
- - What I did was, get the chase unlimited card and get 15 months no apr on the balance transfer.
3. No interest promotions
Join our card and pay no interest In the first year on all purchases, Discover dud this
4. Credit cards with no interest at all
Well, not a credit card but a charge card, meaning you have to pay the balance in full. Like the American Express black card
5. Affirm and afterpay
Take advantage of the competition. Example afterpay is competing with affirm which mean they are offering interest-free. 4 equal payments and no interest
6. Bad situation and you legit can't afford to pay interest or anything.
They have a hardship program they can put you after, try to get interest removed or lowered, and then try paying back as fast possible.
7. Interest on cash advance ( usually its 3-5%, but if you do manufacture spending) Then it's free. If you don’t know what that is, then watch my video that teaches you how to get the minimum spend without spending the money.
8. Bonus: have someone else pay it. If you take money out for reselling items, for example, then it doesn’t matter if you carry a balance because your profit margin is high. But if you pay it off then you'll make more money
Three ways to prevent interest are.
- Don’t go over budget
- Only buy what you can afford to buy in cash
- Points are not an excuse to buy what you cant afford
Tips you might need
- If ever you have a charge in your account and you dispute it, while they re investigating they cannot charge you interest
- If you invested and got a return like credit cards, check this out. 75 a month at 30% apr for 5 years. Over 19k in returns
Create a budget and set up autopay and have to make sure the balance is paid in full
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