No. A credit company can not charge you interest on top of interest. With that said if you have a balance of $1000 and the company charges you $20 interest for that month. Next month a new balance is created $1020 then the company can charge you interest on $1020.00 if you fail to pay the $20 interest at the minimum. Interest is a finance charge and so long it does go over 59.9 per cent it is legal even on closed accounts. This is called accrued interest.
If your account is closed due to unforseen of financial circumstances contact the credit and work out a payment arrangement and request interest to be stop. Many creditors will do so if the amount is paid in a timely manner usual 6-9 months. Otherwise consumer proposal is an option.
Credit card companies can do what they like with interest rates. You are effectively borrowing money from the credit card company (they pay the store for the goods you buy) then you pay the card company back. They are entitled to charge for the service they provide. The interest they charge pays for the production of the cards, the offices, computer systems and staff - and the interest THEY pay on the money they are lending you !
No, a company can not charge a credit card without permission. This violation should be reported immediately to your credit card company.
The easiest thing you can do to reduce the amount of interest you incur to your credit card is to pay the bill as soon as you get it. You can also try asking the credit card company to drop your rate.
Credit Card Interest is basically the way credit card companies make money. They charge you interest for borrowing their money. But usually if you pay your bills on time and don't have any fees, they won't charge you any interest.
Ask yourself 'what is interest?'. Find out your interest rate and times it by ZERO. How much money do you owe them now?
There are maximum interest rates that a credit card company can charge that are set by law, but no credit card company is going to charge more than that. They can raise your interest rate as set out in the terms and conditions they gave you when you applied for the card. Most credit cards have a default interest rate that was communicated to you when you opened the card, which is what they can charge you if you miss payments. It is also required to be put on your monthly statements. You can't sue the credit card company for raising your rates as defined uder the terms of the card.
no
in fact they do
Credit card companies can do what they like with interest rates. You are effectively borrowing money from the credit card company (they pay the store for the goods you buy) then you pay the card company back. They are entitled to charge for the service they provide. The interest they charge pays for the production of the cards, the offices, computer systems and staff - and the interest THEY pay on the money they are lending you !
No, a company can not charge a credit card without permission. This violation should be reported immediately to your credit card company.
credit to interest revenue
The easiest thing you can do to reduce the amount of interest you incur to your credit card is to pay the bill as soon as you get it. You can also try asking the credit card company to drop your rate.
Credit Card Interest is basically the way credit card companies make money. They charge you interest for borrowing their money. But usually if you pay your bills on time and don't have any fees, they won't charge you any interest.
Ask yourself 'what is interest?'. Find out your interest rate and times it by ZERO. How much money do you owe them now?
Contact your bank or credit card company.
You can't close a credit card unless the balance is zero.
Common ones are - monthly interest, and late payment fees.