5 Golden Rules To Avoid Falling Into The Credit Card Interest Trap

There are several important considerations when it comes to credit card interest rates that you should know before you start charging your credit card for your year-end purchases.

The interest rate is the annual cost of borrowing money, usually on a credit card or loan. Interest rates are also known as the annual percentage rate or APR.

This infographic explains what the interest rate is and what it means for your outstanding credit card balance. It is not at all simple or straightforward for the uninitiated.

Make sure you understand how interest charges work, use the interest-free period correctly, don’t miss any payments, avoid late or missing payments, and don’t just pay the minimum amount every month!

If you stick to these golden rules, you won’t need to fall for the credit card trap everyone is talking about.

This article was first published in 2015 and has been updated for freshness, accuracy and completeness.

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