I'm using the dinktown.net calculators and I'm factoring in my current balance, monthly payment, APR, etc. and it wants to factor in my annual fee.
The problem is I'm not sure if I even have an annual fee. Does every card have one? I don't remember ever paying this. Or does it already factor into my monthly payments?
If it helps I'm talking about a bestbuy card and and AAFES Star card.
2007-10-23 12:42:13 · 7 answers · asked by Anonymous in Business & Finance ➔ Credit
Good thinking that you are trying to clear off all the debt.
Call toll free numbers and ask them questions to find out terms and conditions. IF possible, request them to send you a copy of disclosures of interest rate, annual fee, etc..etc., This time around, please save the paperwork :)
2007-10-23 18:29:45 · answer #1 · answered by Sreenu 4 · 1⤊ 0⤋
I am not sure about the AAFES card but I know if it is the Best Buy mastercard, which I got an offer for and then closed my account, it does have an annual charge. The card I had had a charge of about $39.
The calculators do not already account for an annual charge but that would be insignificant on your purchase most of the times. Say that you owed 2500 then if you paid 100 a month you would pay off the account in about 29 months at 10% APR. with $39 a year fee you would pay it down in 30 months.
2007-10-23 19:47:46 · answer #2 · answered by teodor d 2 · 1⤊ 0⤋
1. Use the credit card only when absolutely essential. Pay your regular expenses by cash or a debit card. This will help you budget and not go overboard with credit card debt.
2. Follow repayment schedules like religion. Don't miss out and invite late payment fees, increased APR rates and blocked reward programs.
3. Don't stick to the monthly minimum payment. Pay the maximum you can afford and get that outstanding debt cleared as fast as possible. By just paying the monthly minimum the credit card companies reap the maximum rewards while, as a consumer you pay the maximum interest.
4. Get rid of multiple credit cards. Although this might sound difficult, but if you are struggling to repay on time and, juggling with the repayment dates is causing you to default- it's time to think. If there is a genuine need to keep multiple credit cards, then try to automate their monthly payments. This will ensure that you don't default unwillingly and face the negative consequences.
5. Never go out on a borrowing spree. Always watch the credit limits and try to stay below 30% of your credit limit. Maxing out on your credit card doesn't go well with credit card companies and invites negative remarks in credit reports. Read more from: http://www.credit-card-gallery.com/article/264,5_not_to_miss_things_for_a_good_credit_score
2007-10-24 07:03:13 · answer #3 · answered by brady ewart 3 · 0⤊ 0⤋
not every card does and it depends on when you sign up when they will charge it. you should find out if they do? how much? and when it will be applied? because if you get close to maxing out your card. the annual fee could put you over your limit and then there is another lovely fee. call and find out when it is. Then about a month before it is supposed to be charged call them and tell them you dont want to be charged an annual fee- as long as your account is current. they will prob. waive the fee. i did it i told them i was shopping around and found another card with no annual fee--tell them you want to keep the card except for the fee... most likely they waive it because its not the annual fees that make them money its that interest......look on the back of the card and give them a call
2007-10-23 20:44:09 · answer #4 · answered by nikkylyn 5 · 0⤊ 0⤋
No. Not every card has one. You are supposed to be given disclosures of interest rate, annual fee, etc., when you open the account. If you cannot find the paperwork, call the credit card company and ask.
2007-10-23 21:57:23 · answer #5 · answered by StephenWeinstein 7 · 0⤊ 0⤋
I don't know what kind of calculating your doing, but the best way to pay off your credit cards is to throw every penny you can squeeze out of your budget on the highest interest rate card, while making minimum payment on the rest. When the highest rate card is paid off, move to the next till they are all paid.
After you get them paid off, only charge what you can afford to pay in full every month. Don't pay that interest and don't run up debt.
2007-10-23 19:56:06 · answer #6 · answered by bdancer222 7 · 1⤊ 0⤋
Why don't you call customer service and ask?
2007-10-23 19:53:23 · answer #7 · answered by _nicole_ 4 · 0⤊ 1⤋