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What percentage of credit card holders carry a balance from month-to-month?
42%
Credit card balance method that subtracts payments and credits in this month from balance at end of last month is?
Adjusted Balance Method
What is the nickname credit card companies call clients who pay their balance off in full every month?
Deadbeats, because they make no money off them. People who carry a balance are called "revolvers."
Do you have to use the balance of ebt card by the end of the month?
no it will roll over to the next month
Do you pay the statement balance of your credit card or balance every month?
No, I don't maintain my records that well.
How small should your credit card balance be?
If you are asking as it relates to your credit score.... Use your card each month and pay the balance in full each month. If you have the card charged up to your limit, that brings your score down. Making on time payments each month helps your score.
Is credit card balance real time when a credit check is done?
No, credit card companies submit to the credit agencies on a monthly basis at the end of each month. So if you are checking your credit card the 3rd week of the month you will see last months credit card statement balance not what you currently owe on your credit card.
What is the formula to calculate a credit card balance of 513.24 with a 17 daily interestrate making 10.00 payments each month?
The 17% interest is actually an annual rate, so each month you are charged 17%/12=1.42%. There is no simple formula to calculate your monthly balance as far as I know, the best way is to just calculate each month. Month 1: Carry-over Balance: 513.24$ Interest: 1.42% x 513.24 = 7.27$ Payment: 10.00$ Final Balance: 513.24$ + 7.27$ - 10.00$ = 510.51$ Month 2: Carry-over balance: 510.51$ Interest: 1.42% x 510.51 = 7.23$ Payment: 10.00$ Total: 510.15$ + 7.23$ - 10.00$ = 507.74$ Month 3: Carry-over balance: 507.74$ Interest: 1.42% x 507.74 = 7.19$ Payment: 10.00$ Total: 507.74$ + 7.19$ - 10.00$ = 504.94$ ... (I calculated how far it would go using Excel) Month 93: Carry-over balance: 3.12$ Interest: 1.42% x 3.12 = 0.04$ Payment: 3.16$ Total: 3.12$ + 0.04$ - 3.16$ = 0.00$ So, with 17% annual interest rate and a 10.00$ payment every month, it'll take 7 years and 9 months to pay off your bill. You will have spent a total of 923.16$, or 409.92$ in interest on a 513.24$ balance. Credit card balances really suck due to their huge interest.
Why did American Express close application to normal Optima cards in 2009?
The American Express Optima card was available from 1987 until 2009. It was the first American Express credit card to allow a balance to carry over to the next month. The card was closed, as they were introducing the new product, Blue.
Does using a credit card lower a credit score?
No not really, but if you have high utilization on that card ie. carry a high balance than it's kind of frowned upon. Keep your utilization to around 35% unless your one of those people who P.I.F. every month.
How can a cardholder avoid paying interest on a credit card?
pay the balance in full every month
If you choose to own a credit card is important to?
pay off the balance each month-apex
