Author Archives: Diane Clehane

There are a lot of different types of credit cards

Not all credit cards are created equal. Some charge annual fees, while others charge fees for balance transfers, cash advances, exceeding your credit limit, or other actions. Some cards also charge foreign transaction fees. It is important to do your own research before applying for a credit card, it’s also important to learn how to calculate interest rate on a credit card monthly.

Before you apply for a card, consider the following:

The card issuer is likely to charge you a fee when you apply.

You’ll get a signup bonus or other benefits when you apply for the card.

Some cards have high annual fees.

How to choose the best credit card for you:

Take your age, credit score, and overall debt to a professional who can review your credit history and make a recommendation for the best card.

A few points to remember about credit cards:

You can make monthly payments on the card, and that’s the only way to keep your balance low.

Check out the interest rate on the card to see how much interest you’ll pay in a year. The interest rate is in effect for the first 24 months of the card’s purchase term. You won’t pay off the balance until the following 12 months.

You can choose a purchase APR that is lower than the prime rate, however, the APR will apply after the first 24 months.

A payment APR means the amount you will pay each month on a revolving credit card for up to 12 months. The monthly payment is due every month on the anniversary of your account opening.

For example, if you opened a credit card account with an APR of 16.50% and paid on average $1.23 per day, you would owe $19.27 each month on this card. The minimum monthly payment is $30. The max monthly payment is $399, for a total of $599. There is no grace period for late payments. In order to be considered current, the payment must be made within 60 days of the due date. You can choose to pay more than your minimum monthly payment. For example, if you owe $2 more each month on this card, you may choose to pay the balance in full by the due date each month. Note: Interest will be charged to the card account in the event the payment is not made on the due date. Cash advance fee : A $15 convenience fee will be charged for each cash advance. This fee will be waived the first time you make a cash advance using your new Capital One Quicksilver Card and your authorized user must be an existing Capital One customer. No cash advance fee will be charged after your first cash advance if you have made at least $200 in purchases within 90 days. After that, a fee of $10 is charged. Fees may apply if your authorized user’s account is closed or if your authorized user is not in good standing at the time of your cash advance.