Originally Posted by LPDAL

Payments can range based on the terms of the contract. For example, paying the minimum balance every month is approximately 50-80% interest (even worse in some cases) and 50-20% actually taken off the balance.

The credit card industry rakes in billions (trillions?) in interest every year, people who pay the balance in full every month are not in the majority. That is why it is big business. Credit cards would have been dead long ago if the majority of the customers paid in full every month. But they don't, because satisfying instant gratification is lucrative.

-LPDAL