Questions...

For just about anything you want to get off your chest about credit cards.
7 posts
Maxxumis79
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Questions...

Postby Maxxumis79 » Wed Feb 19, 2014 3:11 pm

Hi guys, I just have couple questions about how the credit card works.. [color="Red"]One of my question is that let's just say that I have a card that is up to 2,400 credit limit.. And I spent at least 600.. For three months, I pay minimum payments, will it still charge 14.99% or something like that?[/color] Or I have to pay it all before the due date?

Right now I am in school and about to be in couple months.. I figure if i use credit card for food, gas and events.. then in summer I ll be working as construction paying all off..


Maxxumis79
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Joined: Wed Feb 19, 2014 3:02 pm
Location: Rochester

Questions.......

Postby Maxxumis79 » Wed Feb 19, 2014 3:22 pm

Got a question y' all... Lets say i spent 800 bucks on credit card.. each month apr is 15.99% ... is that basically 800 times .1599 which is 120 bucks.. or its 800 times 15.99% which is 12,792??? Because right now I got like 2 months in college and need some cash for food and gas.. I have never use credit card before, but got very good credit.. Or as long as i pay minimum payments for 2 or 3 months, Will i be fine? I will be able to pay it all in summer... but if it's 12,792.. then it's out of my hands lol :cool:

AMEXPlatino86
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Postby AMEXPlatino86 » Wed Feb 19, 2014 4:27 pm

Unless the card has a 0% intro apr, any time you don't pay off the balance on the statement it is accrue interest. Minimum payment don't really help because all you are paying is on the interest rather than what you owe. Hope this helps.
Wells Fargo Platinum 2.100 (5/2011-cld 7/12/14)
AmEx Platinum (6/12)
Barclays Apple (6/12)
AMEX Gold Delta (5/13)
Marriott Rewards (7/14)

My credit score :cool:
EQ: unknown
EX: 762
TU: 752

AMEXPlatino86
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Posts: 244
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Location: New York, NY

Postby AMEXPlatino86 » Wed Feb 19, 2014 4:29 pm

I answered the question in the other post that you put up.
Wells Fargo Platinum 2.100 (5/2011-cld 7/12/14)
AmEx Platinum (6/12)
Barclays Apple (6/12)
AMEX Gold Delta (5/13)
Marriott Rewards (7/14)

My credit score :cool:
EQ: unknown
EX: 762
TU: 752

Maxxumis79
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Posts: 3
Joined: Wed Feb 19, 2014 3:02 pm
Location: Rochester

Postby Maxxumis79 » Wed Feb 19, 2014 4:33 pm

Well card has ten month cycle of apr 0%, so meaning lets say i charge 600 in whole three months, pay all minimum payments.. interest won't charge correct?

AMEXPlatino86
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Posts: 244
Joined: Mon Feb 18, 2013 5:51 pm
Location: New York, NY

Postby AMEXPlatino86 » Wed Feb 19, 2014 7:28 pm

Maxxumis79 wrote:Well card has ten month cycle of apr 0%, so meaning lets say i charge 600 in whole three months, pay all minimum payments.. interest won't charge correct?


Then if you were to charge $600 then no interest would be charge on the card until the 11th month.
Wells Fargo Platinum 2.100 (5/2011-cld 7/12/14)
AmEx Platinum (6/12)
Barclays Apple (6/12)
AMEX Gold Delta (5/13)
Marriott Rewards (7/14)

My credit score :cool:
EQ: unknown
EX: 762
TU: 752

PowerMan572
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Location: USA, Minnesota

Postby PowerMan572 » Wed Feb 19, 2014 7:36 pm

APR = Annual Percentage Rate :) You are not getting charged 15% monthly, but annually.



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