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.
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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
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.
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
It Pays to Get Along
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Moreover, a “turnaround in the short run is unlikely”, given China’s efforts to rebalance its economy from exports towards consumption (thereby reducing demand for imports of intermediate inputs), reinforced by “government policy to stimulate the use of domestic suppliers” and rising protectionism elsewhere, he argues.
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There are, for example, clear differences in the way the products are pitched to investors in the US and Asia. A high proportion — some estimate 90 per cent — of funds in Asia are commission-based. This disadvantages ETFs because they are openly traded on stock exchanges and are not structured to pay commissions to banks, brokerages or financial advisers that might recommend them, unlike the mutual fund industry in the region.
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
PwC has counted votes and provides winner envelopes for the Oscars and has done so for more than 80 years. This is the first time in Oscar history that the wrong envelope had been opened while an award was being announced.
China saw its population grow last year, along with an improved male-female ratio and the level of education, according to a survey from the National Bureau of Statistics that was released on last Wednesday.
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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美国的麻省理工斯隆管理学院(MIT Sloan School of Management)位居第五，从而阻止了法国商学院囊括前五名。
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'Cutie and the Boxer' was hardly noticed by the movie-going public, but a list of fine films isn't a rundown of box-office triumphs. The reach of Zachary Heinzerling's debut feature-length documentary is equaled by its grasp. On the surface it's about nothing more-or less-than a troubled marriage that has somehow managed to last 40 years. Beneath the surface, then startlingly out in the open, is a history of rivalry (both husband and wife are artists), enmity, reluctant devotion and, most startling of all, enduring love.
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The indicators included intellectual capital and innovation, technology readiness, important regional cities, healthcare, safety and security, transportation and urban planning. Others were sustainability and the natural environment, culture and lifestyle, economic clout, cost and ease of doing business.
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.
A jailed con artist who falls in love with another inmate and escapes prison multiple times could only be the work of fiction, but this is more or less the real story of Steven Jay Russel. Much like his film counterpart, played by Jim Carrey, Russell was originally sent to prison for fraud. He escaped his first sentence to be with his partner Jim Kemple, who at the time was dying from AIDS. Russell was found two years later and returned to prison. Kemple died soon after.
About 71.9 million units were shipped in the period, which includes the key Christmas shopping season. IDC said the decline was the worst since it started tracking PC shipments.
Hunger Games star Jennifer Lawrence on Tuesday topped a Forbes magazine list of the world’s highest-paid actress for the second straight year, earning some $46 million, followed by Melissa McCarthy.
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"If reform implemented 30 years ago solved the problem of ideology, then, at present, reform is to solve the problem of interests. Reform at present is actually like cutting our own with a knife, and we all need to be determined and must strengthen our confidence." WANG YANG, NPC deputy and member of the Political Bureau of the Communist Party of China Central Committee
The highest average monthly salary for 2016 graduates is 5693 Yuan in IT/Internet/telecommunications/electronics industries; second is financial industry and culture/sports/entertainment/media industries with average salaries level of 4685 Yuan and 4552 Yuan respectively; monthly salaries in agricultural/forest/grassland farming/fishing, and services/ educational sports/industrial arts are relatively low among signed graduates, respectively are 3500 Yuan, 3873 Yuan and 3900 Yuan.
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Read:Best Rewards Credit Cards. ]
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
主流网络游戏仍然是大型多人在线角色扮演游戏 (MMORPG)。报告说，今年10月，中国最热门的10款网络游戏中有6款都属于大型多人在线角色扮演游戏。动视暴雪(Activision Blizzard)开发的《魔兽世界》(World of Warcraft)在注册用户和最高同时在线人数方面仍然排名榜首。但报告指出，目前围绕着这款游戏大陆运营权的政府监管纷争可能会给《魔兽世界》带来负面影响。网易公司目前持有《魔兽世界》的中国大陆独家运营权。
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The cemetery was first found in July 2007and was excavated by the Xinjiang Institute of Cultural Relics and Archaeology,with assistance from local authorities. The research team, led by Zhiyong Yu,director of the Xinjiang Archaeological Institute, published the findings in Chinese in the journal Wenwu. The article was recently translated into Englishand published in the journal Chinese Cultural Relics.