Quote:
Originally Posted by Sparrow
In the UK, you don't pay any interest on your credit card if you pay on time; also you get consumer protection that makes paying by CC a better option than paying with cash (as long as you pay it off each month).
Do credit cards operate differently in the states?
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WHAT !!!??? I think you mean if you pay the FULL balance. If you carry a balance surely you pay interest, even if you pay on time.
Most in the US carry large balances on their cards... some people up to 100% or more of their annual salaries. (Just crazy that they have this much credit). Also, some credit cards had reverse amortization, so the minimum balance could be LESS than the monthly interest. But, I think a recent law disallowed that and the minimum payment must cover AT LEAST the interest.
BOb