I have $9000 balance on my credit card but they've been only charging me $1.90 each month in finance charge for a year now. What APR is that and why are they doing that?
Normal APR is suppose to be 9%
2006-10-19 06:34:01 · 5 answers · asked by KRACK A SMILE 1 in Business & Finance ➔ Credit
I'm not sure I understand what your problem is. If you would like to pay more, contact the credit card company.
2006-10-19 06:41:12 · answer #1 · answered by Anonymous · 0⤊ 1⤋
Don't count your lucky stars. What is happening is the debt is growing faster than what you are paying. If you keep that up the debt will grow and grow and grow. You need to make higher payments or else it will grow too big for you to pay back.
Even if it is the credit card company's mistake, you are still required to pay back the amount plus all accrued interest. You could argue against paying any fees they might want to rectro actively apply to you, but the interest is still open game.
I have seen this same thing on a couple of other questions and I am wondering if it is some sort of different scam the credit card companies are pulling to get more money.
2006-10-20 05:46:31 · answer #2 · answered by A.Mercer 7 · 0⤊ 0⤋
At 9%, your finance charge would be $67.
If it's only $1.90 then it's .257%. Which is amazing.
Count your lucky stars!
2006-10-19 07:01:53 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Sounds like a mistake on their part, I would pay it off as quickly as possible so they don't notice thier mistake and charge your for prior interest.
2006-10-19 06:43:09 · answer #4 · answered by Amanda 4 · 0⤊ 0⤋
Because your one lucky SOB.
2006-10-19 06:42:32 · answer #5 · answered by Fran Y 3 · 1⤊ 0⤋