whambawhomp

@whambawhomp@lemmy.world

• ⁨Comment⁩ on ⁨My credit union no longer allows me to payoff pending purchases made on my credit card⁩ ⁨⁨5⁩ ⁨weeks⁩ ago⁩:

  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.

• ⁨Comment⁩ on ⁨My credit union no longer allows me to payoff pending purchases made on my credit card⁩ ⁨⁨5⁩ ⁨weeks⁩ ago⁩:

  All cards calculate interest per day. That’s the standard formula. They only charge you the sum interest at the end of the month when your billing cycle ends.

  nerdwallet.com/…/how-is-credit-card-interest-calc…

  This becomes apparent if you’ve ever paid a card off really early, and then still been charged interest even though you’ve had a zero balance one or two weeks before the billing cycle ended.

• ⁨Comment⁩ on ⁨My credit union no longer allows me to payoff pending purchases made on my credit card⁩ ⁨⁨5⁩ ⁨weeks⁩ ago⁩:

  bankrate.com/…/best-high-yield-interests-savings-…

  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.