NON COIN THREAD

It means no matter what you do, you will pay AT LEAST $20 a month just to have the card. Interest Free is a meme. Just save and buy with cash.

>>2864286

Might be a little different here in the UK but having a credit card is a great way to build a credit report and have additional consumer protection. That being said 20 a month is bullshit.

you have to pay off at least 20 per month. you dont have to 'pay 20 just to have the card', it isn't a fee, its a minimum repayment. if u dont use the card u dont have to pay anything

>>2864307
Ok sounds like it basically speaks for itself. But I'm a bit confused, do I have to pay $20 per every month while I'm in the interest free period?

>>2864358
Yes you do. Also you should never buy anything you cannot afford to buy in cash, credit card debt can kill you financially.

>>2864464
Yep, got it.
I'm mostly getting it because it comes with free travel insurance and a free flight every year

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>>2864286
No.

Let's say that you charge $200 on the card. If the minimum monthly payment is $20, you must pay down the balance by $20, leaving you with a remaining balance of $180. I'm sure that there is a clause in the agreement that if you don't pay this minimum amount during the interest-free period, they will drop the promotion and charge you interest.

OP, don't be suckered in by interest free periods. If you're going to use a credit card, set it up to auto-pay the balance in full every month. Don't spend money you don't have and get into debt, because with an interest rate upwards of 20%APY, you'll get destroyed. So, if you charge $200, then you should also pay $200.

>>2864286
To clarify further:
If you make no charges on the card, you will pay nothing. Also, if you pay off your full balance on time, you will pay no interest. In that case, you will be spending the same amount as if you had used a debit card or cash.

However, if the card has an annual fee, then you will have to pay that fee once per year, even if you don't use the card. Annual fee cards are optional: there are tons of cards with no annual fee. However, if you spend enough money anyway, the extra perks that annual fee cards offer can offset the annual fee and give you more value than what the fee costs per year. For example, if you do lots of travelling, then the extra points you can gather with the Chase Sapphire Preferred (or Reserve) can easily offset the $95 (or $450) annual fee.

>>2865846
i make the annual fee of my main grocery cc in 3 months time. the other 9 months are pure profit.

>>2866904
By the way, for tax reasons, its not profit. It's a discount.
Otherwise, you'd have to pay taxes on your cash back or points.