interest, no finance charges, and no annual charges, and ur basically using the money without paying anything else?
2007-01-27 19:06:42 · 5 answers · asked by beach_babe971 1 in Business & Finance ➔ Credit
First Interest and Finance Charges are the same thing. Yes some companies have a "Grace" period that is you have at least x amount of days before you are charged interest.
However, this only applies if you have no balance to begin with. If you carry a balance past that intial x number of days you are charged interest on every purchase until the card is paid off.
As for the Annual charge, that is a fee charged by the issuing company. It has nothing to do with purchases but is like a yearly fee they charge you for having the card.
2007-01-27 19:21:08 · answer #1 · answered by OC1999 7 · 0⤊ 0⤋
This depends on the terms of the credit card. Legally, in the USA, the bank CAN charge you interest from the time of the purchase. Most cards do not. Many don't charge you interest if you pay the balance in full by the payment due date. It all depends on the type of card you have. Read your agreement very carefully.
2007-01-28 03:18:36 · answer #2 · answered by Imagineer 3 · 0⤊ 0⤋
If you pay off your balance every month, you won't have to pay a finance or interest charge but, if you use the card, you still have to pay an annual fee.
2007-01-28 15:55:51 · answer #3 · answered by CJ 2 · 0⤊ 0⤋
No
You must be sure to pay before the cut-off day
not the limit day to pay, but the cut off day
the day they cut in order to issue the balance sheet
2007-01-28 03:13:06 · answer #4 · answered by Classy 7 · 0⤊ 0⤋
Yes. It is the only way to go. Builds up a good credit record, too.
2007-01-28 03:31:23 · answer #5 · answered by Anonymous · 0⤊ 0⤋