Menu
Home
Advertise
Forums
Search forums
What's new
Unread posts
New articles
New article comments
Latest activity
Earn Money
Money apps
Passive Income
Paid Survey
Forex
Stock
Real estate
Paid to write
Social Media Earning
Review Website/Apps
Crytocurrency
Bitcoin (BTC)
Ethereum (ETH)
Crypto Exchange
Mining
Crypto Faucet / Airdrops
Binance
Business
Business strategy
Funding a business
Marketing
Digital Marketing
Social media marketing
Email marketing
Brand management
Personal Finance
Money Saving
Retirement
Personal loan
Savings for Students
Debt help
Tax relief
Insurance
Car Insurance
Life Insurance
Liability Insurance
Home Insurance
Health Insurance
Disability Insurance
FAQ
Log in
Register
What's new
Search
Search
Search titles only
By:
Search forums
Menu
Log in
Register
Install the app
Install
Home
Forums
Money Making Forums
Personal Finance Forums
Personal loan
Here’s how to calculate Credit Card Interest
JavaScript is disabled. For a better experience, please enable JavaScript in your browser before proceeding.
You are using an out of date browser. It may not display this or other websites correctly.
You should upgrade or use an
alternative browser
.
Reply to thread
Message
[QUOTE="Tundi Mick, post: 2194, member: 9"] Confused by credit card interest? Here’s how to calculate it. [B]Step 1: [/B]Find your credit card’s APR—or annual percentage rate—on your billing statement. [B]Step 2: [/B]Divide the APR by 365 to get your card’s daily periodic rate. This is important because your card issuer charges interest on a daily, not annual, basis. Save this number; we’ll come back to it later. [B]Step 3:[/B] Calculate the average daily balance in your account over the course of the billing period. For example, let’s say you start out the month with an unpaid balance of $2,500. Then, in the middle of the month, you make a $600 payment, which brings your balance down to $1,900 for the rest of the month. To get the average daily balance, you first need to add up the balances for every day in the billing period. This will give you the sum of your daily balances. Now divide that sum by the number of days in the billing period to give you your average daily balance. Now let’s put it all together to calculate the interest. Take the average daily balance and multiply it by the daily periodic rate and the number of days in the billing period. That’ll give you the interest charge you can expect on your next bill. So what can you do to shrink that charge? Try lowering your average daily balance by making payments early, or more than once a month. Better yet, pay off your balance in full every month, and you won’t pay any interest at all. If that’s not possible, a low-interest credit card can help reduce your interest rate and save you money. [/QUOTE]
Insert quotes…
Verification
Post reply
Home
Forums
Money Making Forums
Personal Finance Forums
Personal loan
Here’s how to calculate Credit Card Interest
Top