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.
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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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The programme entered the ranking in second place in 2006 and was ranked top in 2008.
Scientists have long investigated stem cells' potential for growing hearts, and they reached a major milestone this year when they created heart tissue than can beat on its own.
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When her mother came to the school to collect Guo's remains, other students gave the grieving woman tt r names and phone numbers, asking for her help in contacting their own parents to get them out of the bo t camp. One of the practices of the facility, which aimed to "reform" behavior through fear-based trainin g and harsh discipline, was to limit students' contact with the outside world.
The global trend of peace, development and cooperation and globalization are indivisible.
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Spanish business school IE has scored a hat-trick by reaching the top spot in the Financial Times ranking of online MBA programmes for the third year in a row. IE came in ahead of the UK’s Warwick Business School, ranked number two for the third year running, and Durham University Business School, which made it into the top three for the first time.
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
John Hummel, chief investment officer for AIS Group, a fund manager with $400 million under management, said all the new sources of global oil are expensive to extract, and he sees U.S. shale output falling by 2015.
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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The findings of the US and UK scientists are based on thousands of global temperature measurements taken daily on land and at sea.
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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 total foreign trade volume between China and Germany reached 999.1 billion yuan (USD about 145.3 billion) in 2016, with a year-on-year growth of 2.6 percent, according to statistics released by China's General Administration of Customs.
But I expect other banks to follow suit. Any effort to keep good people fresh and engaged, without paying them more, should be up for consideration.
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Although foreign trade accounts for a greater share of the economy than ever, the United States is still more insulated than virtually every major competitor in Europe and Asia. Such everyday purchases as haircuts, dry cleaning, financial advice and eating out are virtually immune from foreign competition.
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
Swyft now makes half of its money from ad campaigns like the one for Gwen Stefani. Swyft’s revenue has increased between 50% and 100% each month, Wray says. The other half comes from selling stickers—typically licensed from sports teams and entertainment brands like Shrek.
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8月，为了捍卫中国在全球经济中的制造业中心的地位，央行引导人民币作出数十年来最大幅的贬值。稍后，在国际货币基金组织(International Monetary Fund)把人民币纳入全球储备货币之后，人民币进一步贬值。这一现象可能反映了资本外流。
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