is credit card interest tax deductible 
not anymore according to the internal revenue service credit card and installment interest incurred for personal expenses cannot be deducted on your tax return 6 prior to tax reforms in 1986 however it was deductible 7the bottom linethe average daily balance method is the most commonly used way of computing finance charges on credit cards today knowing how it works may save you some money but you ll save even more if you can pay your balance in full each month and not incur interest in the first place 