<h2>You're Losing Money Without Even Knowing It</h2>
Okay, so that'll be $400. Great, here's my credit card.
Are you sure that's a good idea? It looks like you've already put a lot on your credit card today.
Relax, I always pay the minimum every single month. In fact, the credit card company just called me and told me I'm their favorite customer. They even increased my credit limit.
Oh, brother.
What? Of course they told you you were their favorite customer. You're giving them 20% returns every single month just by paying the minimum.
But I make the payments on time, every month. I don't pay interest if I do that, right?
Wrong. By only paying the minimum every month, you're paying 20% to the credit card company on the entire balance.
If you followed Social Cap, you'd know to only use credit cards if you can pay down the entire balance.
Well, why do they keep increasing my credit limit?
They want you to increase that balance. 20% of a bigger balance is a bigger paycheck for the credit card company.
Okay, well, doesn't it at least help my credit score?
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Discover how paying only the minimum on your credit card can lead to hidden costs and significant financial losses. Learn how to manage your credit wisely and improve your financial health.