Okay so I went through 20 years without a credit card (always stuck with the debit card) and finally caved and got one, but I'm a total noob at it.
I read this in the almighty Wikipedia:
"if a user had a $1,000 transaction and repaid it in full within this grace period, there would be no interest charged. If, however, even $1.00 of the total amount remained unpaid, interest would be charged on the $1,000 from the date of purchase until the payment is received."
Now, I know Wikipedia is well, Wikipedia, but the whole "until the payment is received" thing irks me. Is it basically saying that if you don't pay off the entire purchase with interest, interest will continue to be charged on the $1000 and not the remaining balance? I.e. if I bought a car on credit for $15000 with a monthly interest rate of 3% and paid $14000 of it off, I'd be charged at least $450 in interest every month on that purchase alone until the entire balance+interest on the purchase was paid off?
I dunno, it confuses me. I always thought interest was based on the total balance remaining, not some bullshit original price of purchase. <_<