What Is a Finance Charge, and How Do I Avoid Paying One?
If you're savvy, you can avoid credit card finance charges entirely.
If you pay off your statement balance completely during a grace period, you could dodge interest charges altogether. (Getty Images)
Borrowing money typically costs money, and credit cards are no exception. One of the advantages of having a credit card is that you don't have to pay off your balance each month. But that perk comes at a price, called a finance charge.
Anton, who works in the military, said: 'I thought the Beyonce routine was inappropriate when Steph first told me about it, but when I saw her on the stage doing it, it worked out quite well and everyone enjoyed it.'
Here's what you need to know about credit card finance charges, how they're calculated and what you can do to avoid them.
How Credit Card Finance Charges Work
Carrying a balance. If you don't pay your balance in full by the due date each month and there is no promotional 0% APR period, you will incur a finance charge based on your card's APR and the remaining balance.
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Generally, credit cards require relatively low minimum payments compared with balances. While some credit card issuers include interest charges in the minimum payment, others just charge a flat percentage. "If this minimum is less than the accrued interest," says James Philpot, certified financial planner and associate professor in the department of finance and general business at Missouri State University, "you will effectively be borrowing more money from your card issuer in order to pay interest."
Transferring a balance. If you transfer a balance from one card to another, you may incur a finance charge in the form of a balance transfer fee. You may also pay interest on the balance unless the card has an introductory 0% APR balance transfer promotion. Check the card's terms before you submit your request.
Requesting a cash advance. If you use your credit card to get cash from an ATM, interest will start accruing immediately from the date of the transaction, with no grace period. The APR for credit card cash advances is often higher than the APR for purchases.
Making a foreign transaction. A foreign transaction on your credit card, whether in a foreign country or currency, can incur a foreign transaction fee. This fee is typically about 3 percent of the transaction.
How Credit Card Companies Calculate Finance Charges
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In this April 24, 1984, file photo, from left, Steve Jobs, chairman of Apple Computers, John Sculley, president and CEO, and Steve Wozniak, co-founder of Apple, unveil the new Apple IIc computer in San Francisco
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In 2011 the owner of the tomb was identified as Liu Fei (169BC-127BC) the first king of Jiangdu an autonomous kingdom within the Han Dynasty according to China News.
Much joy to you in the up coming year. May the warmest wishes, happy thoughts and friendly greetings come at New Year and stay with you all the year through.
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Note, however, that some credit card issuers compound interest on a daily basis, so your calculation may be even more complicated than this one.
How to Avoid Paying Credit Card Finance Charges
Take advantage of your grace period. Most credit cards offer a grace period on purchases. If your credit card has one, it typically runs from the end of your billing cycle to your payment due date. By law, you must receive your credit card bill at least 21 days before it is due.
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Use a 0% APR promotion. Some credit cards offer an introductory 0% APR promotion to new cardholders, waiving interest charges on purchases, balance transfers or both transactions for a set period.
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I don't know about you, but if I had a separate calendar for work, school and life, I'd be a complete mess. When everything in your life is on one calendar, in one planner, you can't double-book anything. You know, like an important test and a dinner with your boss.
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赞助Summly的有香港亿万富翁李嘉诚的风投部门Horizons Ventures，以及演员艾什顿库彻(Ashton Kutcher)和斯蒂芬弗莱(Stephen Fry)、Spotify的沙基尔汗(Shakil Khan)和Zynga的马克平卡斯(Mark Pincus)等技术与媒体界名人。
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Forgo certain activities. Because many cards charge fees for balance transfers, cash advances and foreign purchases, consider refraining from these activities, or try to find a card that waives these fees.
Some balance transfer credit cards, for instance, will waive the balance transfer fee for new cardholders for a short period. Also, many travel credit cards don't charge a foreign transaction fee.
Always Read the Fine Print
People promoting driverless cars, the most hyped industry segment of the moment, became world leaders in verbiage. Elon Musk claimed to be “laser-focused on achieving full self-driving capability on one integrated platform with an order of magnitude greater safety than the average manually driven car” (ie Tesla cars must stop crashing).
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In those days, of course, Rembrandt was the gold standard. But the Dutchman and his fellow old masters have fallen out of fashion and are no longer as coveted by collectors and investors.