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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在上榜的90所欧洲商学院中，法国的欧洲工商管理学院(Insead)在全日制MBA课程和EMBA课程方面居首，瑞士圣加伦大学(St Gallen)的管理硕士课程排名第一。西班牙Iese商学院(Iese Business School)和瑞士洛桑国际管理发展学院(IMD)分别在定制和开放注册高管教育课程上夺魁。
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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
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Europe is finally recovering. Japan is also making significant progress. And emerging economies like India, China as well as Indonesia and others, their economic growth rates is likely to be maintained at high levels or likely to accelerate,” he said.
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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5.Britons love bleak humour: that's why all the hire bikes are branded with the name of a bank currently being investigated for fixing interest rates. It's supposed to be funny.
Every January for the past decade I have handed out awards for horrible use of language in business. Usually the task amuses me. This year I have found the sheer weight of euphemism, grammatical infelicity, disingenuity and downright ugliness so lowering I have decided to start the 2016 Golden Flannel Awards with something more uplifting: a prize for clarity.
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2. Will China's stock market climb back to 6,000 points?
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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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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英国剑桥大学(University of Cambridge)佳奇商学院(Judge Business School)的排名上升5个位次，至第5位。这不仅是该学院首次跻身前5名，而且还是伦敦商学院在这个榜单上首次失去英国最佳商学院这个头衔。
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Manufacturing and sectors like leisure and hospitality should keep creating jobs. America's factories drove the early part of the U.S. recovery and, although growth has slowed, they should continue to add workers selectively. After adding about 9,000 jobs a month in 2010, manufacturing has added about 16,000 jobs a month so far this year. Slowdowns in Europe, Japan and fast-growing China have hurt global trade flows. But lately, more corporate executives are realizing that making things in the U.S. has benefits over, say, China. Meanwhile, the leisure sector, including restaurants, has been a reliable source of job growth all year.[qh]