My bill is about $600, if I pay half of that ($300) for this billing period as my minimum and the other half as the new balance for next billing period, does that mean i will start getting interest charged to my card? I have been paying in full until now so I've never had this problem and I really don't want to have to start paying interest now. Any advice?
2007-07-15 05:51:12 · 8 answers · asked by YankeeBaby 2 in Business & Finance ➔ Personal Finance
thanks everybody, so basically the interest will only be charged on this bill until its completely paid off then?
2007-07-15 06:01:39 · update #1
If you paid in full last month (so your balance was $0), then you charged $600 this month and pay $300 BEFORE the due date, your bill will begin to accrue interest on the $300 balance immediately. You cannot get around that interest, but it won't be that much.
Try to get the balance paid in full again the next month. Stop using the card if possible, because once you carry a balance (by not paying in full) every new charge begins paying interest from the day you charge it.
2007-07-15 11:07:50 · answer #1 · answered by Anonymous · 0⤊ 0⤋
If you pay the $300.00 off this month. You will be charged an interest fee for the other $300.00 for next month. You next months bill will be higher than $300.00. This isn't a bad thing to do if it helps you out for a month or two. I pay off my bill in full every month.....the problem that people run into is they will not pay their bill in full, then they will spend more on the credit card the next month and only be able to afford a partial payment on that...escalating their bill even higher. Then they have even more interest tacked on...then it just becomes a big downward spiral of debt!!!!! The interest on $300.00 won't be a whole lot even if you do have a higher interest rate.
2007-07-15 05:58:33 · answer #2 · answered by Dude 2 · 0⤊ 0⤋
If you only pay half, they'll still charge you on the full $600 on the first month.
The next month they'll charge interest on the $300 PLUS interest on the interest you've accumulated last month (you'll be paying interest on the interest).
Best thing to do it pay it in full if you can.
The banks start charging the day you should have paid your ballance in full (check your bank statement for that date).
2007-07-15 05:54:54 · answer #3 · answered by thesoapgoatsoapshop 4 · 0⤊ 0⤋
Read the fine print....they can change it after a specified amount of time---like after 6 months after the card is issued...they also run your credit every month...if you have any late payments for anything (even gas, electric, utilities)...they will raise it immediately.
vultures.
good luck...and try to make those payments on time
2007-07-15 06:25:47 · answer #4 · answered by Blue October 6 · 0⤊ 0⤋
well i cant tell you how to not pay interset but, interest is going up because your dollar compare to the u.s. dollar is going down a.k.a. your country is losing money (if you are from usa then you are comparing to japan so basicly if ur in the states you will be paying interest for a while)
2007-07-15 05:56:24 · answer #5 · answered by rock v 1 · 0⤊ 0⤋
nope contract says you will pay the interest when you took the card
sorry
2007-07-15 05:58:15 · answer #6 · answered by Michael M 7 · 0⤊ 0⤋
Yes and it was articled in the Opinions portion of our paper just today. I was not aware that Advanta had done the same. I will search more information Thank you
2016-05-18 02:17:25 · answer #7 · answered by daria 3 · 0⤊ 0⤋
Yep, you pay interest on whatever balance you don't pay.
2007-07-15 05:54:26 · answer #8 · answered by Anonymous · 1⤊ 0⤋