What method is used to calculate the monthly finance charge for the 1st major credit card?
What method is used to calculate the monthly finance charge for the 1st major credit card?
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Comment by Studly
As I recall….it was either an arm and a leg, or your first child.
I’ve had my card close to 30 years….always been this way. Interest rate, grace period. Many at that time had monthly fees, but now it seems the only put that on cards for bad credit people.
Posted on August 28, 2010 at 8:03 am
Comment by azura181
bascially card companies will start you with the highest interest rate they can depending on the card 17-18% dept store cards are up to 30% so be wary of those! Then its a per annum rate divided monthly based on the amount of credit you owe ( how much youve charged to your card) Not sure how long you’ve had this card but if you are good at paying your monthly amounts usually its 3% of the total amount owing you can get the overall interest rate dropped some to half the amount so be good to your card and don’t accept the high rates just call them up tell them you have been offered another card with a lower rate and your thinking of doing a balance transfer why pay more them than you have to!
Posted on August 28, 2010 at 8:25 am