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Can a credit card company charge you interest if you pay off the balance on your card?
Wiki User
∙ 13y ago
Ask yourself 'what is interest?'. Find out your interest rate and times it by ZERO. How much money do you owe them now?
Wiki User
∙ 13y ago
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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.
When the credit card company gives you the option of closing your account instead of accepting their interest rate increase and you choose to close do they still charge you interest each month?
You can't close a credit card unless the balance is zero.
What is done with the finance charge done by a credit card company?
added to the balance
What is done with the finance charge assessed by a credit card company?
added to the balance
Why does capital one charge interest fees?
Capital One charges interest fees when the balance on the credit card is not paid in full each month. The user will cease to pay interest fees when the balance on the credit card reaches zero.
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.
What company currently offers low interest balance transfer of other credit cards?
Discover is one company that offers low interest balance transfer of other credit cards. One can compare interest balance rates online at websites such as Nerd Wallet and Credit Cards.
When the credit card company gives you the option of closing your account instead of accepting their interest rate increase and you choose to close do they still charge you interest each month?
You can't close a credit card unless the balance is zero.
What is done with the finance charge assessed by a credit company?
added to the balance
What is done with the finance charge done by a credit card company?
added to the balance
What is done with the finance charge assessed by a credit card company?
added to the balance
Why does capital one charge interest fees?
Capital One charges interest fees when the balance on the credit card is not paid in full each month. The user will cease to pay interest fees when the balance on the credit card reaches zero.
How is Interest Expense with a credit balance classified in the financial statements?
An Interest Expense with a credit balance is reclassified as Interest Payable on the Balance Sheet.
Can credit card companies close your account and continue to charge interest on the balance?
Sure can, a dirty deal.
Is interest earned a debit or credit?
All earnings and revenues has credit balance as normal balance so interest earned also has credit balance as default normal balance.
If you pay off all of your credit cards to a zero balance will you be able to immediately charge on them again?
Certainly. And you will make the company very happy. They will probably lower your interest rate (at least temporarily) and increase your credit limit.
Is interest payable a credit or debit?
Interest payable is liability account and have a credit balance as a normal balance.
