Andrew Schwartz, assistant professor of finance at Elon University, offered his advice about credit card interest rates.
Assistant Professor of Finance Andrew Schwartz was recently featured in WalletHub’s “Credit Card Interest Rate Guide.”
Schwartz says his number one advice for avoiding credit card interest is to pay the balance in full each month.
“If you pay the full balance each month, you won’t be charged any interest on purchases,” Schartz told WalletHub. “Also, be sure not to use your credit card to withdraw cash. Generally, credit cards will begin charging interest immediately if you use the card for a cash withdrawal. Thus, even if you pay the full balance by the due date, you will still be charged interest on the cash withdrawal.”
In the article, Schwartz also discussed how high interest rates could go and why store credit cards typically have high interest rates.