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.
6. It’s not that the story ended badly; it’s that we expect too much of the story.
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
Judge for yourself.
3. “Spotlight” (Tom McCarthy)
Baoneng is believed to have borrowed heavily to fund its share purchases in Vanke and is now the developer’s largest single shareholder with a 25 per cent stake.
US billionaires hold 540 spots on the list, more than any other country in the world. In second is China with 251 and German with 120.
We will ensure workplace safety and people's lives.
About now, new CEO Gorman is probably learning that the meager profits of a retail brokerage can't pay for all those monster Wall Street bonuses. Expect Gorman to decide that Morgan Stanley should be a lot more like trader Goldman Sachs, after all.
These countries performed the best overall in the 2017 Best Countries rankings. The rankings aim to gauge global perceptions of the world’s biggest economies.
"I have school tomorrow, so I can't stay up late," she told the paper.
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
2. "Breaking Bad" (4.2 million)
China is preparing to sign more bilateral or multilateral agreements with other countries, and will enhance information exchanges and joint investigation especially with Western countries such as the US, Canada and Australia on some major or individual cases, according to the CCDI.
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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Bottoms Up is the revolutionary new way to serve beer. The Bottoms Up system saves time, eliminates waste and awes customers!
The Shanghai Stock Exchange saw 26 IPOs, while its Shenzhen counterpart saw 15 IPOs of small-and-medium-sized enterprises and 20 start-up companies.
DOWNTON ABBEY (PBS, Sunday) Season 5 begins with new blows to Lord Grantham’s self-esteem and the somewhat Victorian touch of an illegitimate baby hidden away in a cottage. For those who haven’t already pirated the British broadcasts or read the recaps, let’s just say that the first episode involves a very heated situation.
Chen Lihua, 75, founder of Fu Wah International Group, a company engaged in real estate development, has become China's richest woman with a net worth totaling 50.5 billion yuan, according to the report Richest Women in China 2016 released by Hurun Research Institution.
This is the second time that both enterprises and institutions have adjusted basic pension, since the first simultaneous adjustment in 2016.
Wal-Mart U.S. president and CEO Bill Simon
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.
"Moreover, most Chinese families only have one child, so many of us return to China because we want to stay close to our family and friends," said a student surnamed Su, who gave up his job in the UK and returned to take care of his mother in China.
The ground-breaking discoveries in physics, have ignited a firestorm of research, and it’s only a matter of time before their research leads to advances as unimaginable to us now as lasers and computer chips were a hundred years ago, Laura H. Greene, president-elect of the American Physical Society told The New York Times.
Amazon founder Jeff Bezos rose to No. 3 on the list for the first time, thanks to the jump in in Amazon shares, which boosted his net worth to $72.8 billion.
7. 《出局：禁止接触》(Out 1: Noli Me Tangere)，导演：雅克·里维特(Jacques Rivette)。
这部由塞巴斯蒂安.马拉比(Sebastian Mallaby)所著的《知者：格林斯潘传》(The Man Who Knew)，是这项奖金额为3万英镑的奖项的第12位获奖者。该奖项奖励的是年度“最令人瞩目和愉悦的”图书。
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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
China’s outbound non-financial investment fell 40.9 per cent during the ten months through October, according to official figures, reflecting the enduring impact of strict capital controls.
Based on the children's books that goes by the same name, this movie follows the adventures of Mowgli through the Jungle as he tries to discover himself. He comes across several creatures in the Jungle, played by various actors, who make his journey difficult.
At tech start-up conferences, such as Slush in Helsinki in December, everyone was talking about experiences. The coming year is likely to see a wider adoption of virtual reality, which places the user in a digitally enhanced environment, and augmented reality, which overlays digital information on to the real world, creating new digital businesses.
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2. 《头脑特工队》，导演：彼得·道格特(Pete Docter)。
特里萨?梅(Theresa May)依然面临着党内阻力。自由民主党(Liberal Democrats)的智者兼领导人文斯?凯布尔(Vince Cable)依然认为脱欧可能不会真的发生。
14. On the Other Hand Here is an estimate of the movies directed by women that were released by major studios this year: Warner Bros. (five! — Lana Wachowski, Anne Fletcher, Dana Nachman, Nancy Meyers, Patricia Riggen); Universal (three — Sam Taylor Johnson, Elizabeth Banks, Angelina Jolie); Disney (one — Niki Caro); Paramount (0); Fox (0); and Sony (0). (I excluded Fox and Sony’s specialty units.)