Whenever you borrow money, be it education loan, home loan, gold loan or a personal loan, there is some amount of interest attached to it. There is no escaping that. But there is one type of “loan” in which you can hack your way out of paying any interest at all. That is credit cards. They let you borrow money when you need it and then you can pay it at the end of the month. But how can you skip the interest? The answer is two simple words-
If you know what grace period means then you can always avoid paying interest on credit cards. What most people know is that if you pay your monthly bill then you are good to go. You need not pay any interest. But what most people do not know is that there is an extended period called the grace period which gives you some extra days to pay your dues. Now the grace period can be different for each credit card provider. You will have to check with your issuer to understand what the grace period on your credit card is.
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To ensure that you reap the maximum possible benefits of this hack, whenever you have to make a big purchase, make them at the beginning of the billing cycle. This will ensure that you have the maximum time to pay for them without paying interest. Just make it a point that you either automate your payment for that date or remember to pay the bill before the due date. Failing to do so can incur late fees.
So there you go, by using these hacks you will never have to pay a dime as interest ever again. Meanwhile, if you have any questions or suggestions for us, we’d be glad to hear them. Do let us know in the comments below. Also, you can check out the best credit cards on the IndiaLends app/website.
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