i got my first bill after my new account i opened up 3 months ago and all i see are my regular charges. i see all my balance trasfers and purchases i made in the month..this is with 1.9 % apr...i saw finance chages of 34.00 was that it? i m worried that i saw something on my bill that said under " finance charge schedule"
balance trasfers and checks......periodic rate of ..0.0005205%
apr of 1.9% then says "balance subject to finance charge..500.00 what that mean?
also is says in the end.....apr for this billing period is 44.91%
2007-03-25 13:26:42 · 3 answers · asked by justsomeone 1 in Business & Finance ➔ Credit
Yes, it is "finance charges"; you are right. Well, I would have to read it but how much have you got charged that you got a monthly "finance charge" of $34.00? It sounds like all the poopah on the numbers thing is actually charging you 44.91% for you money.
2007-03-25 13:35:20 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Usually when you transfer a balance you will get a balance transfer charge of 4% of the transfered balance(s) or $75.00 whichever is greater. It used to be 3% and $50.00 respectevley.
You have to read your terms. Then sometimes there is a minimum transaction fee of $1.00 per month. Also some card s charge an annual fee. You should be seeing your interest on your statement after 1 month of use. Call up the 1-800 # and ask their customer service people to explain your bill to you.
2007-03-25 20:35:11 · answer #2 · answered by Pen 5 · 0⤊ 0⤋
Finance charges are the interest charges.
2007-03-29 15:56:43 · answer #3 · answered by Pepper 6 · 0⤊ 0⤋