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Found out my credit card's interest compounds daily, not monthly, and it cost me $47
Sat down with my statement after my buddy who works at a bank in Boise asked me what my APR actually was. Turns out paying 3 days late each cycle meant the daily compounding started from the purchase date, not the due date, so I paid $47 extra over 4 months on a $600 balance. If anyone else has switched to paying the day the statement drops, did it actually make a dent or am I just fooling myself?
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