What Is a Finance Charge, and How Do I Avoid Paying One?
If you're savvy, you can avoid credit card finance charges entirely.
If you pay off your statement balance completely during a grace period, you could dodge interest charges altogether. (Getty Images)
Borrowing money typically costs money, and credit cards are no exception. One of the advantages of having a credit card is that you don't have to pay off your balance each month. But that perk comes at a price, called a finance charge.
We asked the Dachis Group, a social media measurement agency, to tell us which brands got the biggest increases in consumer love, and which lost the most ground.
Here's what you need to know about credit card finance charges, how they're calculated and what you can do to avoid them.
How Credit Card Finance Charges Work
"It is a truly a global phenomenon in which people, due to lack of opportunities, have to leave their families behind to provide for them," said Pedro De Vasconcelos, IFAD policy advisor and author of the report.
Carrying a balance. If you don't pay your balance in full by the due date each month and there is no promotional 0% APR period, you will incur a finance charge based on your card's APR and the remaining balance.
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Generally, credit cards require relatively low minimum payments compared with balances. While some credit card issuers include interest charges in the minimum payment, others just charge a flat percentage. "If this minimum is less than the accrued interest," says James Philpot, certified financial planner and associate professor in the department of finance and general business at Missouri State University, "you will effectively be borrowing more money from your card issuer in order to pay interest."
Transferring a balance. If you transfer a balance from one card to another, you may incur a finance charge in the form of a balance transfer fee. You may also pay interest on the balance unless the card has an introductory 0% APR balance transfer promotion. Check the card's terms before you submit your request.
Requesting a cash advance. If you use your credit card to get cash from an ATM, interest will start accruing immediately from the date of the transaction, with no grace period. The APR for credit card cash advances is often higher than the APR for purchases.
Making a foreign transaction. A foreign transaction on your credit card, whether in a foreign country or currency, can incur a foreign transaction fee. This fee is typically about 3 percent of the transaction.
How Credit Card Companies Calculate Finance Charges
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Market watchers were forced to digest the reality of negative 2.9% GDP for the first quarter of the year. All of a sudden, everyone’s forecasts seemed too rosy—or at least too smooth—compared to the lumpy reality. This led to a raft of second-guessing on the timing of the Fed’s eventual exit from its bond-buying stimulus program. We went from confidence to WTF? in a space of a few weeks, with all the asset class rotations and market corrections that come along with a fresh bout of uncertainty.
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May your New Year be filled with special moment, warmth, peace and happiness, the joy of covered ones near, and wishing you all the joys of Christmas and a year of happiness.
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“研究数据时，我不断回到这个问题上来，它其实是个身份政治问题，”挪威卑尔根大学(University of Bergen)研究欧洲极右翼党派的教授伊丽莎白?伊法斯夫拉腾(Elisabeth Ivarsflaten)说。“这是民粹主义者获得支持的最有力的征兆。”
'Her,' which was written and directed by Spike Jonze, takes romance into the virtual realm, and its hero on a gently crazed journey of genuine passion. Joaquin Phoenix is the poignantly lonely guy who falls in love with his smartphone's new operating system. The basic conceit is a fragile one, but it's beautifully and bravely developed, as well as elegantly photographed by Hoyte Van Hoytema, with perfectly calibrated performances by Mr. Phoenix, Amy Adams and Scarlett Johansson, who is that system's voice and soul.
1. Discipline them: Of course disciplining our children is a given in any home. But we need to ask ourselves if we are disciplining our children properly? Who
In this Jan. 7, 1997, file photo, Steve Jobs, chief executive of Pixar, speaks at the MacWorld trade show in San Francisco.
Note, however, that some credit card issuers compound interest on a daily basis, so your calculation may be even more complicated than this one.
How to Avoid Paying Credit Card Finance Charges
Take advantage of your grace period. Most credit cards offer a grace period on purchases. If your credit card has one, it typically runs from the end of your billing cycle to your payment due date. By law, you must receive your credit card bill at least 21 days before it is due.
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这间增加的厨房大约40英尺长(约12米)，风格与原建筑保持一致，内有复杂的天花板木制结构和几处由世纪工作室(Century Studios)设计的彩色玻璃板，该工作室是明尼阿波利斯市的一家公司，其玻璃确保来自弗兰克·劳埃德·赖特(Frank Lloyd Wright)曾指定的那家芝加哥制造商。厨房里的不锈钢电器包括一台五英尺宽（约1.5米）的炉灶和一台Sub-zero的冰箱。餐厅区经由10英尺高（约3米）的玻璃门通往屋后的一处露台。
中国旅游研究院国际旅游研究所(Institute of International Tourism)副所长蒋依依认为，外国游客数量下降的部分原因在于人民币的升值。
Use a 0% APR promotion. Some credit cards offer an introductory 0% APR promotion to new cardholders, waiving interest charges on purchases, balance transfers or both transactions for a set period.
You're networking – yes! But you're networking so thoroughly within your industry that word gets back to your boss. "The world is small," says Andrea Kay, career consultant and author of "This Is How To Get Your Next Job," so this kind of thing does happen. When sharing your résumé and other job-search materials with new and old professional contacts, explicitly state that your hunt is confidential, Foss says。
Most Catholics (60 percent) and white non-evangelical Protestants (65 percent) say they believe disasters like hurricanes and floods are the result of climate change.
IMD participants praised the way their training pushed them out of their comfort zones and also the one-on-one coaching sessions tailored to their individual business situations. “It was an eye opener about what a good leader is,” commented one participant. “We learnt about ourselves first, what drives us and why, in order to manage others.”
Julian Evans-Pritchard, China economist at Capital Economics, commented:
Whatever happened to ‘Never complain; never explain' – the unofficial motto of the House of Windsor?
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"Compared with previous years, this year's two sessions are due to see the new leadership elected, and reforms of organizations will be discussed. They will also elaborate on detailed plans for implementing policies proposed by the 18th National Congress of the Communist Party of China."
Forgo certain activities. Because many cards charge fees for balance transfers, cash advances and foreign purchases, consider refraining from these activities, or try to find a card that waives these fees.
Some balance transfer credit cards, for instance, will waive the balance transfer fee for new cardholders for a short period. Also, many travel credit cards don't charge a foreign transaction fee.
Always Read the Fine Print
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Dachis says: The news just keeps getting worse for Mitsubishi. Low sales triggered a decision to pull out of the European market and if the levels of negative discussion are any indicator, 2013 doesn’t look to be any better.