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Is it better to have a credit card with a high interest rate or low interest rate?
If you carry a balance, then it's better to have a low interest rate. If you do not carry a balance, then the interest rate doesn't matter at all.
Is it better to pay the statement balance or the current balance on my credit card?
It is generally better to pay the statement balance on your credit card rather than the current balance. This helps you avoid interest charges and maintain a good credit score.
Is it better to pay the statement balance or the full balance on your credit card each month?
It is better to pay the full balance on your credit card each month to avoid paying interest charges and to maintain a good credit score.
Which it's better closing a credit card with a balance or pay the balance first to closed?
It's better to pay off the balance and keep it open. It proves that you are competent enough to keep a credit card and not get into trouble with it. It will also increase your credit score.
Can a credit card company keep adding interest on a closed account?
Yes, until the account balance is paid in full.
Is it better to have a credit card with a high interest rate or low interest rate?
If you carry a balance, then it's better to have a low interest rate. If you do not carry a balance, then the interest rate doesn't matter at all.
Is it better to pay the statement balance or the current balance on my credit card?
It is generally better to pay the statement balance on your credit card rather than the current balance. This helps you avoid interest charges and maintain a good credit score.
Is it better to pay the statement balance or the full balance on your credit card each month?
It is better to pay the full balance on your credit card each month to avoid paying interest charges and to maintain a good credit score.
Which it's better closing a credit card with a balance or pay the balance first to closed?
It's better to pay off the balance and keep it open. It proves that you are competent enough to keep a credit card and not get into trouble with it. It will also increase your credit score.
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.
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.
Can a credit card company keep adding interest on a closed account?
Yes, until the account balance is paid in full.
Is interest payable a credit or debit?
Interest payable is liability account and have a credit balance as a normal balance.
Why does closed-end credit have a better interest rate than open-ended credit?
Generally, closed-end credit has a better interest rate than that of open-ended credit because closed-end credit is less risky insomuch as there is a limit on how much credit may be utilized (whereas there is no limit for open-ended credit). Because lenders look at the risk-reward aspects of the product portfolio, a lower-risk product warrants a lower interest rate than one having higher risk.
Is it better to pay the current balance or the statement balance on my credit card?
It is generally better to pay the statement balance on your credit card rather than the current balance. The statement balance is the amount you need to pay to avoid interest charges, while the current balance includes any recent transactions that may not be due yet. By paying the statement balance in full and on time, you can avoid accruing interest on your credit card debt.
Does interest receivable have credit or debit balance?
credit
Does closing a credit card with a balance affect your credit rating?
Absolutely!!! Your credit score would go down and interest might be charged. Would be more of a lose for you. Its better to close it with a paid balance!
