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.
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
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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.
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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To be sure, that excitement can certainly lead to unrealistic declarations from those in the community. Some bitcoin developers and investors proclaim that within five years, all the major banks will be accepting bitcoin. That’s a stretch, acknowledges Peter Smith, COO of the bitcoin wallet Blockchain (not to be confused with the actual bitcoin block chain). “I hear a lot of predictions about how soon the whole world will be using bitcoin, and most of the time, those are unrealistic,” he says. “What we’re trying to do as an ecosystem is incredibly audacious, so it’s going to take a lot of time.”
Economists had likewise expected year-to-date urban fixed asset investment, a rough proxy for long-term spending, to remain at September’s level of 8.2 per cent year on year growth.
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Every point we think we've reached where James cannot be better than he has been, he then blows past it like a poor center switched onto him. What will be discussed most is his all-encompassing skill, but this is also a testament to the work that James puts in. You can mock all those Instagram videos he puts up, but those are the real reason he's still able to do this; James has never cheated the game, not a day in his life, and the result is incomparable performance night in and night out.
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
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.
His strategic shift away from corporate strategy was in spite of the fact that his own school had deterred him from making a career in education, even though he had worked as a private tutor.
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No one since Michael Haneke has enjoyed cinematically dissecting social conventions as much as Greek film-maker Yorgos Lanthimos. His The Lobster took Cannes by storm two years ago with its scathing look at a society that turns adults into animals if they cannot find a romantic partner within 45 days – it was our world but pushed toward the outermost limits of groupthink and conformity. Now he’s back with The Killing of a Sacred Deer, a domestic thriller about a surgeon (Colin Farrell) and his wife (Nicole Kidman), also a doctor, who befriends a fatherless teen named Martin. The boy seems determined to expose the family’s secrets and unmask a terrible trauma from their past. Is this film about how domestic (and perhaps societal) tranquility sometimes depends on shared, agreed-upon lies? Either way, prepare to be unnerved. Released November 9 in Denmark, November 16 in Russia and November 30 in China's Hong Kong. (Credit: A24)
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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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Former world number one Woods has not won a single tournament since 2013 and missed most of the last year recovering from surgery on his back. However, his name alone continued to bank him millions. He earned pound 31 million from endorsement deals with brands including Nike and Titleist, placing him 12th in the list of top earners.
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The Asia-Pacific is the common home of all countries in the region. China does not want to see any party in the Asia-Pacific region feel compelled to choose sides under the influence of a Cold-War mentality.
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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“If we can identify someone who buys in both places, there is huge value there. You know who they are, what they bought, what they spent,” Harper added. “You can give them a more personalized experience.”
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The diplomatic row began when Ankara’s foreign minister was denied entry to the Netherlands on Saturday for a campaign rally in favour of Mr Erdogan’s constitutional reforms. Armed Dutch police also intercepted another Turkish minister, Fatma Betul Sayan Kaya, on her way to the rally in Rotterdam and escorted her back to the German border.