I’ve gotten a mixed of information among friends, and internet. I was hoping to solidify understanding using my current credit card balance as an example. So as long as I pay the minimum I will not have to pay interest? If I do have to pay interest would I be paying 29.99%/12 for however much I owe by the end of the month? Or does it accumulate and charge me at the end of the year?
Current Balance: $2161
Remaining Statement Balance: $0
Next Closing Date April 9th
Payment due: $0
Purchase APR: 27.49%
Cash advance APR: 29.99%
In: Economics
Interest is calculated daily, charged monthly. Any balance that you don’t pay off that month is subject to that interest.
If you paid just the minimum (lets say thats $25) this month, next month you’ll see an extra $48~ added to your balance in interest fees.
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