Credit card question?
Answer:
It depends on the financial institution. I work at a financial institution where you may pay on the 25th whatever the full balance of your visa card was on the first of the month. Therefore if your balance the first of the month was 700.00 and on the 25th the balance is 1000.00 you may pay 700.00 or 70% and not pay interest the following month. Most credit cards have a stipulation similar to this.
If it not paid by the due date then yes, you are charged interest on the remaining amount
So?
They are cheats. They will invent charges and see if you pay them. If you complain they might delete them, or not. Depending if they think you will take your business else where.
Yes! and if you paid it off, there will be a bill next month with the interest amt due.
yes.this is why looking for a credit card with a low interest rate is important
Unless you pay off the entire balance, you will be charged interest on the outstanding balance
You will be charged a compound interest rate of your annual finance charge divided by 12. For example, if you have a 5000 balance, you pay 70 percent, that leaves a balance of 1500. If your annual interest rate is 7.9% then your finance charge will be:
$9.88, and your month-ending balance will be 1509.88. Your next month's minimum monthly payment will be 3% of your total balance (3% is the industry standard minimum monthly payment), so next month your minimum payment will be 1509.88 *.03 or $45.30
Hope that helps.
Yes, they stick it to you anyway they can. Sorry to have to tell you that.
YES!! and you will probably be charged daily interest on new purchases as well. Best to pay the whole thing off every month.
Of course. You will be charged interest on the balance you carry. It doesn't matter how much of it you pay, any amount that is being "loaned" to you beyond the grace period will accrue interest.
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