A Little Knowledge

Have you opened your credit card bill and found a line item categorized as a finance charge?

Many people are shocked to see this entry.

testking 642-661 A finance charge occurs on a credit card when you don't pay the previous bill in full, take out a cash advance, or have a balance transfer that's not at 0% APR. How is a finance charge calculated?

Keep in mind also, most credit cards have a minimum finance charge.

If a balance is carried and its calculated finance charge is 20 cents, you may be charged anywhere from 50 cents to $2.00 or more. Sneaky huh?! testking 70-453

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Posted by Testking 117-101 on 8/10/09 2:42 AM

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