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.
After all, during the last round of collections, the most striking pieces — from Louis Vuitton, Dior, Proenza Schouler, Narciso Rodriguez — had a streamlined momentum that wasn’t dragged down by any decade-related reference, or identity. They were clothes that went striding into the future, freed from the weight of the past.
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
Despite the reported success of the Duke and Duchess of Cambridge's official visit to Canada back in September, timekeeping needs to be looked at for future trips.
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People are still looking at old masters for pleasure, if not as lucrative investments. Sotheby’s said 6,000 people visited its Dec. 5 to 9 viewing, compared with the 6,400 who saw its Impressionist and contemporary sales in June. At the lower end of the price scale, many historic paintings do find a market — Christie’s and Sotheby’s day sales of old master paintings on Dec. 9 and 10 had solid-enough selling rates of 67 and 65 percent apiece.
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Sweden’s foreign minister, Margot Wallstrom, a proponent of a “feminist foreign policy,” opened up to Ellen Barry about her abuse at the hands of an old boyfriend when she was a young woman, something she had never said publicly before.
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As supporters kept streaming toward the Capitol building, one yelled out, “Today, a new Puerto Rico begins!” to the cheers of others, including those holding U.S. flags.
TextPride changed its name to Swyft Media and launched a platform that pushes emojis and stickers from new brands into messaging apps. Brands pay for the privilege, as they would with a regular ad campaign.
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
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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.
China does not want to see a trade war between the US and China. That would not make our trade fairer and cause loss for the both sides.
More than 350,000 gamers from across Europe (and some from North America and Asia) have made the annual pilgrimage to the quaint German city of Cologne, which has a population of just over 1 million. Activision used the convention to debut its multiplayer gameplay for Sledgehammer Games’ Call of Duty: Advanced Warfare, allowing attendees hands-on access to the November 3 release.
It would be foolish to assume western democracies are immune.
Explaining the choice, the company cited “societal movements toward gender equality and fluidity, the consumer’s increased comfort with using color as a form of expression, a generation that has less concern about being typecast or judged and an open exchange of digital information that has opened our eyes to different approaches to color usage.”
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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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The cyclical theory depends on a dearth of new investment creating a supply crunch in two, three or five years. A lot of projects are being postponed but postponement is no more than a signal to project managers to find a way of cutting costs. Many are doing exactly that.
He was under the impression people clicking on the adverts would earn him money. But instead he was charged every time someone clicked on the link.
They appeared in high spirits despite losing three-nil to Belgium on Saturday .
Topped with golden leaves and flavored with champagne, the confection was sold for $100 a pop.
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Philippa Langley, a member of the Richard III Society who coordinated and helped fund the search, said she hoped a new image would emerge of the king and "the two-dimensional character devised by the Tudors will be no more".
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"The CPI just went up two percent year on year in 2016, less than the three-percent predictive index. It was a moderate inflation, and reflected the price level was effectively controlled and basically stable," said Jin.
Ellen is talented, wonderfully spontaneous, and knows how to entertain a worldwide audience. She’s a big fan of the Oscars; we’re huge fans of hers. It’s a perfect match.
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
17. Most Complex Hurdle As of Dec. 7, seven out of 20 domestic top-grossing movies released this year had female-driven stories, according to the website Box Office Mojo. By contrast, five out of 20 female-driven stories topped the international market, which accounts for some 70 percent of the industry’s revenue. This may look bad, but the numbers appear marginally better than they have in recent years.
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Don't lie about your salary. Ever. Even if your employer doesn't tell us (and most do), we'll find out eventually. I've terminated two people for doing that.
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