LoveToKnow Creditcards:AllComments

From LoveToKnow Creditcards

Comments

Stephanie, it depends on the credit card company. When you call to request the APR change, ask when the change will be in effect.

-- Contributed by: Tamsen Butler

After you request a lower APR change with your crdit card company, and that change is granted, how long does it take for the new APR to take effect?

-- Contributed by: Stephanie

Jay,

Some cards charge interest (APR) from the point you make the purchase. So, even if you pay your balance in full when you receive your bill, you could have some interest on your bill. You need to read the Terms and Conditions of the card. They will specify how the interest is calculated.

-- Contributed by: SusanWeber

Hi, I am just 16 and want to know more about the APR.. If I pay in full every month (balance = 0), it donest matter how high my APR is, right? In other words, APR is just used when we cannot pay the full payment? Thanks for answering!

-- Contributed by: Jay

Most credit calculators make simple calculations using a limited number of decimal points. Over time (such as the six years in this example) the differences in using five or six decimal points versus one or two decimal points can result in a difference in the total interest calculation.

Thanks for your question.

-- Contributed by: SusanWeber

Hi, I was just wondering how you came up with this result: With a 15 percent APR, and making only the minimum payments, it would take over six years to pay off your charges, and with an additional hit of $546.18

How would I enter that into the card calculator? (you are redirected to the card calculator if you press "figure out what it really costs" under "How Does APR Affect my Bill") If I enter 1000 for the balance, 15 for the interest, and 20 for the monthly payment, I get "Total interest paid is $579.12 ($1579.12 total paid)."

Thanks for your article! and thank you to anyone who tells me how to calculate this :)

-- Contributed by: Michelle

great.Thanks.Let me check back what my APR is.

-- Contributed by: tt

Brenden,

Thanks for the comment. There are several articles here on LoveToKnow that might also be interesting to you as a new credit card user. Check out the Credit Card Help section.

-- Contributed by: SusanWeber

This is my first Credit card and this is very helpful.

-- Contributed by: Brenden

Mike,

Since you plan to only spend what your paycheck yields, you might want to consider a prepaid credit card. You can load the card with a specific amount whenever you get paid and then you won't have to worry about charging too much on your card. If you want to start building your credit, there are several student credit cards that work well for students. Look for one with no fees and a relatively low APR.

Thank you for your question and for visiting LoveToKnow Credit Cards.

-- Contributed by: SusanWeber

Joel,

I'm glad we could help!

Thanks for your comment.

-- Contributed by: SusanWeber

Thanks alot for this info. It helped me alot. Thanks again.

-- Contributed by: Joel

I'm 18 and looking for my first credit card. My mom REALLY wants me to be careful so I don't fall in the trap that she did. I feel I'm ready for one however and only plan on charging stuff to the card when I get my paycheck. I plan on never going beyond what my paycheck yields and plan on paying whatever my balance is in full every month. What are some good cards and card company's I should look into?

-- Contributed by: mike

Nick,

If the grace period is 20 days and the card issuer receives the full $300 payment within 20 days, the final cost for the $300 purchase is $300.

-- Contributed by: SusanWeber

If a purchase is paid off within the waiting period, will there be interest? say a card has a 20 day grace period and a $300 purchase is made. the bill is paid within the 20 days. what is the final cost to the consumer?

-- Contributed by: NickBrydon

Dimi,

Before you apply for the credit card be sure to read the Terms and Conditions and look for the "grace period." This tells you whether you will be charged an APR from the moment of purchase (a zero grace period) or only charged an APR if you don't pay the balance in full when received. Most cards designed for customers with limited credit histories tend to charge a finance fee from the moment of purchase.

Thank you for your question and for visiting LoveToKnow Credit Cards.

-- Contributed by: SusanWeber

I want to apply for a credit card with no credit history but i will have high APR, if i pay my bill in full just in one month will the APR effect me?

-- Contributed by: Dimi

Michael,

Some credit cards charge interest (which is the APR) from the point that the purchase was made ... other credit cards wait a period of time (called the waiting period) such as 25 days until the interest is charged. If your card has a waiting period you will not be charged any interest/APR if you pay the $200 on the first bill after the purchase was made. You can find out if your card has a waiting period by either reading the Terms and Conditions of your credit card at their online site or by calling the customer service 800# on your credit card.

Thank you for your question and for visiting LoveToKnow Credit Cards.

-- Contributed by: SusanWeber

If i have a credit limit of $300 and i charged $200 and my purchase APR was 17%...could i just pay all $200 back on my montly bill instead of giving the minimum charge so i dont get hit with that APR...just confused on how APR works

-- Contributed by: Michael

Kamal,

The more you pay on your credit card, the lower your balance and the lower the amount of interest that will be charged to your card each month. If you have a good payment record on your credit card, you might want to consider calling your credit card issuer and requesting a lower APR. There is step-by-step help here on LoveToKnow Credit Cards.

Thank you for your question and for visiting LoveToKnow Credit Cards.

-- Contributed by: SusanWeber

what will happen if i pay more than minimum balance ,with 14% apr

-- Contributed by: kamal

Joshua, Thanks for your comment and for visiting LoveToKnow Credit Cards.

-- Contributed by: SusanWeber

send me everything

-- Contributed by: joshua keller

Josh,

As Debbie mentioned in her comment, you can start to get out of debt by paying down your balance while your credit card has a 0% APR.

Of course, some people have so much debt that any temporary benefits from a 0% APR credit card may only result in a small reduction in their total debt picture.

Debt counseling is a very smart move to take if a person's debt load becomes unmanageable. The counselor can demonstrate several ideas for minimizing debit including negotiating lower APRs and the reduction, or elimination, of fees.

Check out the "Debt Help" area here at LoveToKnow Credit Cards for more information on getting out of debt.

Thanks for your comment and for visiting LoveToKnow Credit Cards.

-- Contributed by: SusanWeber

No It wont

-- Contributed by: Josh

Teody,

If you can get a 0% APR for any period of time and pay down your balance it will help you get out of debt. But, if you only pay the minimum and then the APR goes to a higher rate than before, it may not have much impact.

You will have to look closely at the offer. If a new card will give you a 0% APR for 6 months, but then move your balance to a higher rate than your previous card - it may not help you unless you can pay off most of your balance during that 6 month period.

In turn, if the card will provide you the same interest rate as your current card (or less!) after the initial 6 month 0% APR, it could be a good deal. Then at least you have 6 months to try and pay down your balance without any additional interest.

Play with the numbers and read all the fine print. Some cards sound to good to be true with hidden fees, penalties, etc.

Good luck! Debbie

-- Contributed by: Debbie Vasen

Hi,

What is the impact (advantage/disadvantage) of the 0% APR for (say) 6 months? Will this (rate) change if I pay only the minimum due per month within the 6 month period?

Thanks, Teody

-- Contributed by: Teody Besana
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