3 Simple Steps to Take so That You Never Pay Interest on a Credit Card Ever Again

Avoid charges that you should never experience

Tunji Onigbanjo
3 min readDec 11, 2020

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Image Courtesy of Getty Images

According to WalletHub’s Credit Landscape Report, the average credit card interest rate is 17.98% for new offers and 14.58% for existing accounts. I don’t know about you, but that is an interest rate I never want to be charged. Before I get into the 3 simple steps to take so that you never pay interest on a credit card ever again, let’s rewind a little.

Credit card interest rates tell you how much you will be charged if a carry balance from month to month. Credit card interest rates are typically displayed as an annualized percentage of your balance, known as the Annual Percentage Rate (APR).

Now that you have some background information, let’s move on to the 3 simple steps, which are as followed:

1. Only Make Purchase You Can Afford to Pay off Within 1 Month

2. Pay Your Full Statement Balance Every Month

3. Use a 0% Introductory APR Card If the First 2 Steps Do Not Work

1. Only Make Purchase You Can Afford to Pay off Within 1 Month

You do not want to fall into the dangers of credit card debt and absurdly high interest rates, so only make purchases that you can afford to pay off within 1 month of making the purchase. That means if you are buying a new phone, laptop, or any expensive product or service, you should be able to pay off that purchase within 1 month of making it. Credit cards allow you to leverage your money, so leverage wisely.

2. Pay Your Full Statement Balance Every Month

I have an entire article for this specifically. You should always pay off your full statement balance every month to avoid being faced with absurdly high interest rates. Also, in paying off your full statement balance every month, you are showcasing to yourself and on your credit report that you are a healthy user of credit. In being a healthy user of credit, you open up more opportunities for yourself to the different ways you can leverage your money, such as a low interest loan to start that business you have been planning. Maintaining good credit is important, so being responsible with credit is a…

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