95 People Helped
Member Since: December 2011
So you are saying - I should keep a balance and pay crazy interest to get a few points on my credit score - sorry, I would rather be debt free and NOT pay the banks 20% interest
BARON987's reply was:
Maybe because it's FREE
My wife and I have home addresses where they say we lived, but we NEVER lived there - We have good credit reports, so we don't care!
BARON987's response was:
Although you may pay off the balance each month as I do (I pay no CC interest - EVER), the Credit Card Company STILL makes money, albiet not very much, because the vendor pays a transaction fee - usually about 1% or so. What I don't get is I keep getting offers from Credit Karma for more credit cards "To lower my interest" - when I don't pay any in the first place.
Boy are you right! - I do the same - I have never been late on a payment and pay of ALL balances and the end of the period. However, my balances seem to get reported monthly, so it seems that I always have a balance even though it is paid off monthly - I guess that's okay based on what others have said about a credit card balance's effect on your credit score - still I PAY NO INTEREST, so I am happy!
Agreed - I use Credit cards for as many purchases as I can, I pay them ALL off before the due date , I pay NO INTEREST EVER (Except for my home mortgage) and they still offer cards they say will lower my monthly interest charges - AGAIN, I pay no interest!