This post will just be a quick one this week.
Despite my best efforts—which often included paying twice per month—I’ve discovered that for months (maybe over years?) I’ve paid some purchase interest on my credit card bills.
After digging into it, it sounds like I sometimes paid late. But, instead of beat myself up about the extra $10 here and there, I’ve decided to approach it from a different angle. I researched whether autopay was an option for credit cards.
Surprise! It is.
At my bank, it wasn’t something I could set up myself through my online banking. I needed to call and talk to someone, but it took about 20 minutes, and voila! I will never again pay purchase interest. My credit cards will auto debit my chequing account and take the full monthly payment at the end of the month.
This option works for me because I never carry a balance on my credit card. I don’t charge more than I can afford, and I always have a decent pool of money in my chequing account that can cover the autopay.
There’s no penalty or extra charge for this feature. My bank just set it up when I asked. Just thought I’d share.
Score!
Happy saving,
Sovereign Squirrel
