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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Shortly after Cook's op-ed, the Senate voted to approve the Employment Non-Discrimination Act, which would make it illegal to discriminate against LGBT employees in the workplace. The legislation will now be sent to the House for consideration.
The understandings are that winners never take all.
6. Data scientist
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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
Paris is the only Eurozone country in the top 10, and sees a drop of three places, which the report says may be due to falling confidence in the euro.
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.
今年银幕上的发型和化妆各式各样，大胆新颖，从《魔法黑森林》(Into the Woods)中女巫卷曲、蓬乱的蓝色调鬃毛，到《激乐人心》(Get On Up)中詹姆斯·布朗(James Brown)微微发亮、精心塑造的大背头。有时，秃头也能发挥作用，比如《法老与众神》(Exodus: Gods and Kings)中拉美西斯的秃头、重眼影造型。
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Plastic surgery has long been big business in the US, but now the trend is sweeping across Asia.
The programme entered the ranking in second place in 2006 and was ranked top in 2008.
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They come mostly from 50 different industries including food and beverage, automobiles and auto components, media, retail, energy and the Internet.
If a child on the street who has nothing, is willing to share, why are we who have everyting still so greedy? 如果一个孩子在自己一无所有的时候都能愿意分享，为什么拥有一切的大人却如此贪婪？
Then in 2011, her mother Melissa was signed up to appeared as part of the Lifetime reality series Dance Moms.
I expect more companies to develop leaders who know how to manage networks — not just the traditional internal network of employees, but more loosely connected webs of suppliers and contractors, managed remotely via the internet and social media.
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.
‘Unfortunately, while the newest episode may be a fantastic addition to the Star Wars franchise, ‘starwars’ is a dangerous password to use,’ said Morgan Slain, CEO of SplashData, Inc.
In comparison, second-tier cities reported worsening congestion, an increase of 3.7% on average, with Chongqing, Changchun, Jiaxing and Shenyang leading the rate of growth at over 7%.
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Walker places sixth thanks to Fast & Furious 6, the biggest hit of his career. He had finished shooting much of Fast & Furious 7 before the tragic car accident that took his life. Word is Universal won’t reshoot the film and will work around the actor’s death.
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'Chinese clients are not only buying in Asia but in New York and Geneva as well.'
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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
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A person walks through snow Tuesday in Belington, West Virginia. Superstorm Sandy buried parts of West Virginia under more than a foot of snow on Tuesday.
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Traffic was halted along Interstate 68 in Frostburg, Maryland on Tuesday. Wet snow and high winds spinning off the edge of superstorm Sandy spread blizzard conditions over parts of West Virginia and neighboring Appalachian states.
Both claim to represent the people against foreigners and traitors.