When Credit Card Interest is Charged
Credit card interest will be charged when you carry a balance that exceeds the grace period. Credit card interest is not just a one-time charge. Each month you carry a balance from the previous month, a finance charge will be added to your balance.
When Credit Card Interest is Not Charged
You will not be charged interest on your purchases if you start the billing cycle with a zero balance or pay your previous balance in full. Interest is also not charged on balances that have a promotional interest rate of 0%.
How Much Will You Pay?
The amount of credit card interest you pay each month can change based on your credit card balance and any changes in your interest rate. Your finance charges can be calculated in various ways depending on your annual percentage rate and your credit card balance.
Frequently Asked Questions
How is credit card interest calculated?
To calculate your interest charge, multiply your statement balance by your credit card’s interest rate. Remember, the interest rate should only be applied to the statement balance – any purchases made since the last statement will not incur interest charges. You’ll also need to convert the interest rate into a number by moving the decimal point two places to the left. For example, an interest rate of 20% becomes 0.20.
What is a good interest rate for a credit card?
The average interest rate for credit cards is about 20%, so this might be a benchmark for comparing credit card offers. Business and student credit cards typically have the lowest interest rates, while store credit cards usually have rates that are above average.
How can you reduce the interest rate on your credit card?
You can always ask your credit card company for a lower interest rate, but it completely depends on the company’s willingness to do so. These requests can be made through a customer service representative. Generally, you’re more likely to have your rate reduced if you have a good history of paying on time and keeping your overall debt levels low.
Source: https://www.thebalancemoney.com/how-and-when-is-credit-card-interest-charged-960803
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