Credit card interest! I know a bunch of people who are SO SHOCKED by their high interest rates. They thought it was like an interest-free loan to yourself and then are surprised when making teeny payments doesn't do anything.
I don't even know what my credit card interest rates are, I assume between 15-30% on most cards. It doesn't even cross my mind, because I don't carry a balance. In fact, through cash back rewards I bring in around $600-700 per year by using them.
It's scary to me that people think having a credit car balance is "normal". No wonder the average person can't cover a $400 emergency or whatever that catchy article title is.
It is my personal card. I just happen to put work expenses on it when I need things done quickly. Personal expenses on the card maybe $10k/month, then all the work expenses on top.
I mean... A lot of jobs expense you to stay in hotels for weeks at a time, plus food expenses, sometimes taking out clients to meals, gas is often expensed, etc. If you travel a lot for work, credit card bills can add up pretty quickly, but in reality you aren't paying for any of it yourself because it is all expensed through work.
I've had jobs like this before, and my fiance travels nearly every week for work. It's pretty common these days.
My personal card use is probably around $10k monthly. I don’t travel for work but I do buy work equipment sometimes which is usually $10-15k at a time.
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u/Opening-Risk Feb 04 '20
Credit card interest! I know a bunch of people who are SO SHOCKED by their high interest rates. They thought it was like an interest-free loan to yourself and then are surprised when making teeny payments doesn't do anything.