If you don’t manage your credit card and spending habits, you may end up in debt. Credit card interest is expensive, and if you keep spending even if you owe a balance to the issuer; your debt can spiral out of control. It’s understandable to spend excessively when tackling an emergency or dealing with an unexpected expense.

However, you should never use your cashback credit card to spend excessively online when you don’t have the means to pay it back. Credit card interest is an unnecessary expense which can easily be avoided by being on top of your financial matters.

Here are some ways to avoid paying credit card interest.

Pay Your Balance in Full Every Month

This is perhaps one of the most straightforward ways to avoid paying credit card interest. If you pay your balance in full before the due date, you wouldn’t be carrying any balance into the next billing cycle. This means you won’t owe any money; hence you won’t be expected to pay any interest.

However, it is easy to get carried away using a credit card. You can spend more than you can afford to pay back at once, which leads to the accumulation of interest. Make it a habit to check your credit card activity frequently and identify areas where you can cut your expenditure to minimize the interest you’d be required to pay.

Think Strategically

If you plan to make an expensive purchase soon that would be paid over a longer period, it is wise to consider options rather than taking on your usual credit card debt. You can look for a credit card that charges 0% APR on new purchases for the first year.

This can give you leeway to make that expensive purchase without incurring interest for the first year. However, you need to budget wisely and see whether you can pay off the purchase before the offer expires. That’s because you might be charged a hefty interest rate after the promotional period for 0% APR ends.

A ‘buy now, pay later’ plan can also be a viable way to make an expensive purchase. The option allows you to split your expensive purchase into a series of smaller payments that you’d be expected to make over a year or two. However you may be required to pay a certain fee, but it might be significantly less than the interest you might incur if you pay via your existing credit card.

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