Comments on: What do finance charges of a credit card mean?

By: timpoli

timpoli — Mon, 22 Jun 2009 17:53:54 +0000

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By: Notredame

Notredame — Sun, 21 Jun 2009 16:12:11 +0000

It means for instance if you have a balance of $50.00 with an APR at 12.99%. The interest you pay for that billing cycle is .53. If you paid off that entire balance by the due date, you’ll pay no interest.

However, if you decided to pay only $15 minimum, the remain will be approximately .32 in interest. Instead of charging you ..32 interest, credit card company will raise that to a minimum finance charge of $1.00. Which means anything less than $1.00 in finance charge during that billing period will raise to at least $1.00 whether your finance charge should be .30 or .80, the minimum will be $1.00

Some company charge the minimum finance charges is $1.50

By: shelcom

shelcom — Thu, 18 Jun 2009 12:23:03 +0000

That’s the interest charge. I can’t believe you’re in college and couldn’t figure that out.