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What's the issue with paying the balance when it's due? Interest will not accrue.
A lot of people either forget or don't carefully track the money as spent when it's still in their back account so they spend it again. It's just generally a hassle and more work vs just having a habit of paying off as you go and being able to see exactly what's still in your bank account.
Pay it automatically with a direct debit. I can't remember the last time I paid a bill manually.
Nope, I never let anything automatically withdraw money. Mistakes are made. And sure, you'll get your money back from the accidental 10k that was pulled from your account....in 5 to 10 business days, until then you are broke and shit is bouncing.
Sounds like these people want to use debit cards, then.
Debit cards usually don’t offer cashback, perks, or robust fraud protections, and do nothing for your credit score. That last one is the important bit. I used to use my debit card exclusively, and could never get approved for any kind of loan. Once I started using credit cards the way I described in my other comment, my credit score jumped waaaaaay up and I started getting approved for everything.
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Many don't have a choice, especially in the US. Without playing the credit game you end up paying significantly more in loan interest for things like a house or car or can't even get a loan. One of the easiest ways to keep a good credit score is to have a credit card you've had forever and that you consistently use and pay off.
It's a goodbye screwed up system
I would love to just use my debit card instead but I don’t get the same level of protection nor cash back on spending from my debit card.
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The way I use my credit card is that I purchase everything in a month on it and then when all of my bills come in at the end of the month, I pay it off. However, my credit card payment isn't actually due until the 15th or something.
If I waited, I would 100% end up missing a payment because it's not part of my routine.
I've never met a credit card which wouldn't allow you to move the due date. Even if it can be accomplished online, you should try calling customer support.
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It really depends on your bank or credit card issuer. Some places will accrue interest from the day of purchase until the day of repayment. It might be pennies for me and you, but I’m sure they make bank on their collective customer base. And deliberately making it difficult to pay off debt that causes additional charges should be illegal.
I've never encountered a bank or card issuer like that in the US. Can you provide any examples?
Anyway, in that case, the solution would be to not use that credit card or bank.
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Easy peasy. Instead of making payments to your credit card, transfer the amount to a high yield savings account instead. Then use that savings account to pay your CC once per month. (Savings accounts typically have a limit on debits, but you can usually make as many deposits as you want.)
Enjoy the cashback AND a few bucks in interest AND having your checking account accurately reflect your "real" money at all times.
Time for a different credit Union? Hopefully not a bank. Credit unions are best.
Where is this mythical high yield savings account?
I use Fidelity investments; money that isn't in stocks automatically goes into SPAXX, a market rate high yield savings account.
It's a common financial instrument. You can find many providers online.
You get a much better interest rate than a typical savings account (I think current rates are around 4% or so), but you are typically limited in the number of withdrawals you can make per month. Banks offer better interest rates because the cash is less volatile and sits in the account longer. They are good for cash you want to park somewhere for a while but that you still need quick, infrequent access to, like emergency funds. Credit card payments are also a fine use for it, though I'd say the benefit is pretty minimal unless you consistently maintain a balance greater than the credit card payment.
They vary wildly. The typical savings account now as about 1% or less. There are some online versions when offer 3.5. There are a few with stipulations: $200,000 in the account or deposits of $5,000 a month. Those are approaching CD type rates with rules.
But they are not particularity common.
https://www.bankrate.com/banking/savings/best-high-yield-interests-savings-accounts/
This was the first result that I searched. You can get a HYS with a little to no minimal balance. A lot of them are online banks, but they're still FDIC insured. There are plenty HYS accounts out there that are usable for everyday people given you have the ability to save.
Every link went to forbidden as I am not currently in the US. So that was interesting. Then when I did check these rates in the small print I got only with a new account, subject to change, etc. That is a the scummy part I was talking about. I guess if one hoped they could get that rate for at least 6 months and were willing to shuffle it to another bank every so often, it could work.
Yeah, you're not going to be able to get a guaranteed rate on a HYS account. The upside is that the interest rate is high. The downside is that the interest rate will change, usually down, as the market changes, but something is better than nothing. You have to find the balance between maximizing returns and maximizing effort. If you want more that a 3-4% return, you're likely going to have to start looking into an investment account, but a 3-4% return is still better than the 0.2% return a traditional savings account provides.
High-Yield Savings Accounts are something distinct from normal savings accounts. I don't believe there are any HYSAs being offered that have rates as low as 1%.
You can find many institutions online offering HYSAs. It is definitely pretty common. In personal finance circles it's very often recommended to put your emergency fund in a HYSA.
And yes, as you noted, HYSAs have different rules than normal savings accounts. Just like how CDs do.
Cash app has one that's 4%. Probably not quite what inflation is but not terrible either.
Inflation is at 9% this year last i checked (US)
That is really high. I haven't checked in a while
Yeah...my union job has contracted yearly raises that almost always beat out inflation. Have technically taken a pay cut the last two years
That's kind of nice tbh
Eh, im on call and barely get enough hours to make rent. But gauranteed breaks and stuff is cool
One that earns you more than the default 0.15% or so that you earn on most savings accounts.
You have to do a bit of hunting, but for example, I have an account with Citizens Access that earns 3.50% last time I checked. It's not much, but it's better than earning nothing on the emergency fund that I want to keep liquid and accessible.
That is a really good rate. Online only version of Citizens bank right? The regular citizens rates are low like everyone elses, I wonder why they are offering such a high rate? You would think online banking wouldnt be that much of a benefit to them anymore but I guess it is. Pretty rare these days!
Yeah, its their online-only bank.
I have no idea why some banks can offer those CD-like rates while others offer virtually zero. Capital One 360 Savings and Ally have similar rates as well.
Bugs the shit out of me when companies make it difficult to use their product. I do the same thing as you. I enjoy having $0 balances on my credit cards, and I use them within my means, so I pay them off straight away throughout the billing period. One of my cards (I only have two) makes it really difficult to pay off my balance more than once a month, and they delay those “extra” payments by days, sometimes weeks. I called them out on it and they said “just pay your balance once before the due date.” Fuck that. My other card lets me pay off my balance instantly, whenever I want.
Wow first I hear of an issuer doing that, that sucks
buncha folks talking about savings accounts and rates, its easier to think of accounts in three categories: loans, savings, demand. The last one being where the money's available to you 'on demand' with no extra conditions -- ie. a chequing account, or a 'savings' account with a low rate... because the money's available on demand.
Higher rate savings accounts are common, I don't know why people almost always seem confused by the notion. You get a term deposit/gic or whatever, where you lock money in for X period, to get a higher rate -- and if you tap that money before the period's over, you lose the interest.
Locked in deposit rates will almost always be about 1-2% lower than regular mortgage rates that people pay, with CUs using the difference for operation costs. So like my CU has mortgage rates just shy of 5% at the moment, and term deposit rates of around 2.7-3% give or take. A rate cut was just announced in Canada, so those will likely go down a bit this week.
I have not encountered this. I can still overpay. They love it.
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this post was submitted on 16 Sep 2025
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Mildly Infuriating
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