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@wollepopolle wrote:Just wondering what the profits are that CC companies are making off of us.
I've always been lucky to pay everything before my CCs started charging interest. I am not especially proud of this but it's just common sense and I am a careful spender. I've also never had an emergency that forced me into carrying a balance. Hence, I've never paid a cent on interest. I know, though, that sometimes one can't avoid carrying a balance.
So, what did your CC company earn in interest from you? Please specify the amount and time (last 12 months would probably make most sense).
Enough to make me ill. A year ago, I was maxed out and/or OTL on five cards. I've been systematically paying them off, and I only have one more to go, which I'll be making the final payment on in a couple of weeks. Then, done and over!
I don't have all of the figures right in front of me, but I popped online and took a quick look. According to my Cap1 Visa statement for 2010, I paid a total of $501.14 for that year in interest and fees. On one of my other cards -- the one that will be PIF this month -- between Jul 2010 - Jun 2011, I paid $670.26 in interest. I don't have info on the other three accounts at my fingertips, but you get the idea.
As for all of the cards that I've been actively using since rebuilding, I have paid $0 interest. I've become a big believer in PIF. Looking at the amount of money that I've lost over the years -- gone up in smoke! -- has taught me a valuable lesson, and one I've paid for dearly.
ZILCH!!!
0 dollars.
Zero. Always paid in full
As far as what most of us consider "interest" I haven't paid any but I have done a BT several times with total transfer fees of about $40.
From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782
"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".
$14
I cash advanced $5k off a Penfed CC and $5k off a PSECU card. Then I BT'd those balances over to a Navy CC with 0% APR for a year, and stuck the $10k in a 4% interest checking acct. There were no fees involved, but I had to pay interest for the few days it took for the BT to complete. I make more than double that $14 in interest every month, so...I'm ok with them making a little money off me. So long as I make more off of them.
$0.00 from me. I'm happy to be part of the PIF'ers club.
I haven't paid a penny in interest since 2003.
I think the majority of people who have found this forum have either never paid interest and are just addicted to the credit game, or are rebuilding and no longer pay anymore then they have to.
$0 for me as the trend continues