if you pay the full balance on your credit card each month do you still have to pay interest charges? I am getting my first credit card soon and I am just wondering, if I pay the entire balance from the first month on, will I have to pay any interest, or just the balance? What is APR?
2007-03-14 14:25:40 · 6 answers · asked by Dave 1 in Business & Finance ➔ Credit
If you pay the full balance every month and on time, they will not charge you interest. It is good that you are asking these questions because it will benefit you in the future. You can find out your APR by calling the customer service number on the back of your credit card. Note that the APR may be variable, which means that the rate can go up or down. If you don't want your rate to be variable (like me) I would recommend paying your entire balance in full and on time every month for about 6 months and then you can call and ask that they make your rate fixed (so it can't go up or down) I did it and it worked for me! Hope this helps and good luck!!!
2007-03-14 14:40:41 · answer #1 · answered by RealtorMelissa 2 · 0⤊ 0⤋
Most of the answers to this question claim that no interest will be charged if you pay your bill in full. This is true if you pay off your balance EVERY time in full. There is one instance where you can still be charged interest and that is if the last statement that you paid in full had an interest fee on it. So for example:
Let say you paid of your december bill in full on time.
Your January bill you did not pay off in full, which means the February bill will have some interest.
If you pay your February bill in full on time and use the card during the March period, you will be charged interest.
I don't know if every card does this but my Wachovia - FIA card services credit card has this in the fine print.
2007-03-14 16:02:14 · answer #2 · answered by Bigi Bal 3 · 0⤊ 0⤋
In most cases you would not have to pay interest if you pay in full every month. However, to be on the safe side, read the fine print in your credit card agreement. Some companies start charging interest much earlier then others.
2007-03-14 14:35:18 · answer #3 · answered by why 3 · 0⤊ 0⤋
if you pay the full balance before it gets charged interest you wont have to pay it. but once you are sent a bill interest will be charged to you already. you will have to pay that full balance. if you do then you wont get charged anymore interest. APR - Annual Percentage Rate... The amount of interest you pay a year...
2007-03-14 14:34:00 · answer #4 · answered by Anonymous · 0⤊ 1⤋
If you pay the entire balance on TIME, no interest charge.
APR= Annual Percentage Rate. Or the cost of borrowing yearly.
2007-03-14 14:36:19 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Generally, no. But it depends on the grace period. Check online with your credit card company.
2007-03-14 14:35:10 · answer #6 · answered by MDJ 2 · 0⤊ 0⤋