There is one thing that the credit card company actually doesn’t want you to do, and it’s a little known secret. They do not want you to pay off your balance! I know, it sounds crazy doesn’t it? Believe me, the last thing they want you to do is pay off your balance in full…
So why am i saying such things about credit card companies? And why wouldn’t they want you to pay off your balance? Well i’ll tell you why. If you have a credit card you’ll know that there is one thing that the company relies on to make any money itself. It’s all good and well lending people money to buy the things they want, but they must get something in return right? Well of course. They make their money from the interest on your balance. So this is one good reason they don’t want you to pay off the balance of your card. The more you pay off the less interest they can charge you. If you spend £100 on your credit card and then pay it back, say when you get paid, you won’t add any interest beause you paid it back so quickly!
Another reason they don’t want you to pay it back is that if they are the type of credit card that offer rewards and incentives for spending money (like points for example), and you go and pay off your balance each month before they add on any interest, then you’ve done it again, you’ve got something for nothing!
Be wise, be credit wise!
