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No. It doesn't work that way, however, you can ask for a lower interest rate. Also, find a card offer with 0% interest on balance transfers and purchases for 1 year, apply and transfer the balance. You will at least have a head start on paying the principle. When it gets close to the end of your year, repeat the process with another credit card offer. It is possible to have 0 interest on your money, you just have to keep track of things and make your payments. Also, if you qualify, you may be able to apply for hardship. Ask your credit card company for details.

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โˆ™ 2006-04-12 19:13:29
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Q: Can you call your credit card company and have them freeze the account to stop incurring interest and have your payments go towards the principal?
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Related questions

What is interest paid on the original principal plus any interest that has been left in the account?

Campound interest

What is good about interest-Bearing checking account?

An interest-bearing checking account draws interest on the principal balance. Interest is money that accrues annually or semi-annually and accumulates in the interest-bearing account.

What is the value of compound interest?

Compound interest increases the amount earned by adding credited interest to the principal, and interest will then be earned on that money as well. The longer the principal and interest remain in the account, the greater the earnings they will accrue.

How does compound interest differ from simple interest?

With compound interest, you earn interest on the interest. Basically the interest payments are reinvested into the account whereas with simple interest, you only earn interest on the original balance. The interest payments are kept separate of the balance that you invested i.e.: with a bond, the interest payments don't go into a balance, you just get a check for them or rather your broker receives the check on your behalf and deposits it into your money market account which is separate from the bond that you purchased.

How do you convert diminishing rate of interest to flat?

Converting the flat rate of interest to diminishing rate and vice versa takes into account the payments the loan entails. Flat interest rates reflect the amount of interest you will pay if no payments over time are made. Diminishing interest rate factors in that after a payment is made, your over all loan balance will be less, there for your next payment will have slightly less principal balance for interest to be calculated on.

A principal of 950 is invested in an account at 7 percent per year simple interest What is the amount of the principal after 5 years?


What is the addition of interest added to the principal in a retirement account over time called?


What addition of interest added to the principal in a retirement account over time is called what?


What does compounded annually mean?

At the end of the year the interest is deposited in the account. The next year the interest is figured on the principal plus last year's interest.

1000 dollars in a savings account pays 7 percent interest per year The interest earned after the first year is added to the account How much interest is earned on the new principal the following year?


What happens when a commercial bank make a loan?

The following things happen: a. The money gets credited to the customer's account b. The customer agrees to repay the loan as equal monthly installment payments c. Every month the customer would repay both principal and interest d. The principal amount will be offset against the loan granted and the interest will be considered income for the bank

What is the relationship between the balance of payments BOP and interest rates?

If the interest rate is lower and balance of payment is large then the currant account will be deficit

Is simple interest at 4.25 percent better than compound interest at 4.25 percent?

Simple interest is the interest you earn on your principal, IE the amount of your original investment. For example, you put 1000 dollars in a saving account paying 3% per annum. At the end of the year you will have earned 30 dollars on that one thousand dollars. If you leave the principal and interest in the account for another year you will earn another 30.00 on your original 1000 dollars plus .90 interest. on the first 30.00 dollars interest. This gives you a total of 1060.90 in your second year. In each succeeding year you will earn interest on your interest plus interest on your original principal which, if left alone will add up to a substantial some given the power of compound interest. One caveat, compound interest is a double edged sword. If you have a loan and fail to make your monthly payments on time, compound interest will gut you financially.

What is Rupee debt service?

Interest payments on and principal repayments on account of civilian and non-civilian debt in respect of Rupee Payment Area (RPA), are clubbed together and shown separately under this item. This is in line with the recommendation of the High Level Committee on Balances of Payments (Chairman: Dr. C. Rangarajan).

When a series of equal periodic payments is put into an interest bearing account for a specific number of periods?


A principal of 835 is invested in an account at 3 percent per quarter simple interest Which of the following sequences describes the dollar amount of principal in the account at quarterly interval?

835.00, 860.05, 885.10, 910.15, 935.20,

What is meant by capitalized interest?

Within the financial income statement, there is an account created specifically for capitalized interest. Essentially, this account holds a suitable amount of monetary funds to be expended out to upcoming interest payments. This account is considered to be an asset and is expended as time goes on throughout the fiscal year.

What is the difference between a current account and a deposit account?

A current account is an account in which money or cheques can be taken out or payments can be made at any time.A deposit account is an account in which money is placed and left for a period of time, and interest is earned.

Juan deposited 200 in a savings account earning 3 percent interest over 2 years What was the total amount of interest earned after 2 years?

Interest for 1st year = $6 Principal after 1 year = $206 Interest for 2nd year = $6.18 Principal after 2 year = $212.18 Total Interest earned after 2 years = $12.18

Example of unearned revenue?

Unearned revenue is income that you get without having to work for it. An example of this would be interest from stocks and bonds, dividend payments, or interest earned on a bank account.

Comparing Simple And Compound Interest Calculators?

An interest calculator is an electronic/web-based formula that calculates things like how much interest is payable on a principal debt, what monthly interest payments will be and what percentage of any monthly payment on a debt will be allocated towards interest payable.There are two types of interest calculators: Simple and compound. The difference between simple and compound interest is fairly easy to understand, and, while simple interest is calculated on the principal debt only, compound interest is calculated on the principal debt plus the interest already accrued as at the date of the interest calculation.Given the basic difference between the two types of interest, it stands to reason that there will be two different calculators: one for gross simple interest payable and one for gross compound interest payable. In order to calculate the total interest payable, the simple interest calculator will use factors like the amount of the principal debt - the total amount borrowed - the interest percentage offered by the bank or credit union and the number of years the account holder wants to pay the debt off in. The compound interest calculators, on the other hand, while also making use of factors like the number of years needed to pay off the debt and the interest rate, will, when calculating the gross compound interest payable, use, as a total debt, the principal debt plus interest accrued to date instead of just the principal debt. Another factor that must be taken into account when using a compound interest calculator is how many times a year the interest will be compounded, which can be translated as "how many times a year will the interest amount be added to the principal debt to create the gross principal debt on which further interest will be charged".Simple and compound interest calculators can be used to calculate the interest payable on all types of debts. They are, however, most often utilized by mortgage loan companies and auto finance companies when customers are contemplating purchasing a house or a car in order to determine what their total debt - principal plus interest - will be.

Elena has 500 to invest . she can put it in an account that earns 4 compounded semiannually or in an account that earns 5 simple interest after 2 years how much will be in each account including the?

the last word is principal

How are Interest Payments made to the Investors in case of a Corporate FD?

The Interest payment is usually made depending upon the Investors choice. They can opt for Monthly or Quarterly or Half-Yearly or Annual Interest Payments. The company will declare upfront the mode of interest payment. It will either be through cheques mailed out the investors address or through ECS into the investors bank account.

Where can I find a nationally available online checking account that offers interest payments?

They have a list of them here

What is a compound interest savings account?

Its where your savings account earns interest on the interest.