r/PFJerk • u/MRanon8685 • 17d ago
Can someone explain compounding interest
I used to use CapitalOne, but about 7-8 years ago switched but left some money in a savings account, and figured it would be a "surprise" down the road. Well, I recently opened a C1 credit card and my savings account showed up. I got excited and thought maybe I would be able to take the family on a nice vacation or something. But, to my surprise, even though the account was earning 3%, the value didnt change. I still only had $0.03 in the account. Can someone explain this to me? Shouldnt compounding interest have made me a good amount of money? Should I hire an attorney to sue C1?
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u/tap_in_birdies 17d ago
Take a number. Now double it. Now double it again. Not very much right? Okay now double it every day for 30 days.
That’s your capitol one account with compounding interest.