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Comment by kenjackson | Hacker News Reader

From reading the reviews of the card it sounds like you get charged interest if you don't pay off the full balance each month. That is, it's not the statement bill you need to pay off, but the current balance. Which seems hard to track for a lot of people like me who use their credit card several times per day.

I'd do more research before using this card.

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That's how all credit cards work, and how they exist as a business. You making minimum payments is how they can pay for everything they offer.

How exactly do you think they offer miles, cashback, etc? It all comes from somewhere. That somewhere being people who pay interest by making the minimum payment.

Learn how to use your credit cards properly. It's simple: Pay off your complete balance every month.

> That somewhere being people who pay interest by making the minimum payment.

Skeptical. I have done no research, but my instinct is that banks make more on the transaction fees than the interest. That somewhere is all of us paying higher prices to account for those transaction fees.

No, it's the statement balance. Most cards have a 20-25 day grace period where interest isn't charged on new transactions. As long as you pay the entire balance off once per month you'll pay $0 in interest.

That's not what the reviews say. See: https://www.amazon.com/gp/aw/review/B007URFTYI/R3VX95ER2W609...

There are several reviews that note similar things. I was just pointing out that it would be wise to actually read the terms since I don't think the grace period is a legal requirement.

>Amazon Rewards card from Chase years ago, from about 2005 to 2007

10yrs ago and probably a different product.

https://applynow.chase.com/FlexAppWeb/pricing.do?card=FLDN&p...

How to Avoid Paying Interest on Purchases

Your due date will be a minimum of 21 days after the close of each billing cycle. We will not charge you interest on purchases if you pay your entire balance by the due date each month. We will begin charging interest on balance transfers and cash advances on the transaction date.

This is a standard credit card.

Check your info again. It indeed seems to be statement balance from what I've gathered. though I quickly looked around on my phone.

That's how all credit cards work?

Personally, I pay off my 2 credit cards on every other Monday just to make sure I never carry a balance

No. And I'm skeptical it's the case here. You get a CC statement and have to pay the amount on that statement after some number of days. The claim is that you have to pay the instantaneous current balance on the due date--which I doubt.

I've had an Amazon card forevers, I've never had paid any interest on it

I have had one for a long time as well. As well as other Chase cards. Hence my skepticism that there's some very non-standard gotcha embedded in here--especially if they're transitioning current Prime members who are also cardholders.

That's almost all credit cards. They aren't in the business of lending money for free.

They kinda are for people who pay their balances every month. Of course, they make money in many other ways to offset this and with current interest rates the float isn't a huge deal.

I would recommend doing more research on credit cards in general.

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