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Can a credit card company charge over limit late fee's and interest rates on a cancelled card?
Wiki User
∙ 16y ago
no
Wiki User
∙ 16y ago
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Can a credit card company charge over limit late fee and interest rates on a cancelled card?
Yes they can ! So long as there is an outstanding balance - even if the card has been cancelled - you are required to make the payments the company asks for on or before the date they're due. If you fail to make the payments in due time, they are entitled to charge a late fee and/or interest !
If a credit card account has been sold can the new company continue to charge interest?
in fact they do
Are there any class action lawsuits against a credit card agency for overcharging interest?
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.
What is the sale of merchandise by a company on its own credit card that may result in a debit to service charge expense?
credit to interest revenue
Can a credit card company charge interest on interest?
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.
Will you pay a higher interest rate on a poor credit loan?
Interest rates are directly tied to your credit history. The company making the loan needs to make money, so your poor credit record will cause them to charge you higher interest.
All credit cards charge interest what can you do to reduce the costs of paying interest?
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.
Can a credit card just raise interest to 29.99 percent without good cause?
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 !
Can a credit card company charge you interest if you pay off the balance on your card?
Ask yourself 'what is interest?'. Find out your interest rate and times it by ZERO. How much money do you owe them now?
Where can I compare Capital One and other credit cards?
Go to Capital One website, look for their credit card section, it will tell you how much the interest rates are. All of the credit cards company they do charge very high interest rates.
Can a moving company charge 5 percent interest for using a credit card?
Yes it depends on the company through which you are making the transaction. Dont use credit cards , always use debit cards.
What is credit card interest?
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.
