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If you are applying for a new credit card, you will likely be asked to choose a repayment plan. This means you have to choose whether or not you will pay the full balance every month, and you must choose how much of your payment goes towards interest as well as how much goes towards your principle. Many people choose a plan that allows the majority of their payment to go towards their principle while charging a little extra for the interest they pay. Before you choose your payment plan, it's important to understand how the card issuer pays interest, and calculate how much they can afford to offer you in the way of interest rate discounts.
One of the easiest ways to calculate how much you will pay in interest on your credit card bill each month is to multiply the annual percentage rate by the amount of credit you have and divide by twelve. Remember to factor in any annual fees the issuer might charge. In addition to accumulating interest, many issuers will charge a fee every time you use their service. These fees can add up quickly, so it is important to budget for them in advance.
Choosing the right finance charge structure is important if you want to maximize your savings. For example, some credit cards charge a flat rate finance charge that remains constant, but others offer a graduated finance charge that increases along with your balance. The flat rate finance charge is often the most expensive option, but it allows you to pay down your balance more quickly. On the other hand, the graduated finance charge will allow you to pay down your balance at a steady pace while paying less interest over time. It is also important to remember that credit cards come with annual fees, finance charges, and other charges that are rolled into the rate itself. Unless you can get zero percent introductory rates when you open the account, it makes sense to shop around for a lower rate on credit cards.
Finance writer. Guide to the Personal Finance Myfin.Us helps you to make the right choice if you need a credit card, a personal loan, or a mortgage.
Guide to the Personal Finance Myfin.Us helps you to make the right choice if you need a credit card, a personal loan, or a mortgage.
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