I'm sorry, I just don't remember this when we carried a balance.And they said the disclosure was a change... I don't know of any credit card that has a grace period when carrying a balance. Maybe they didn't add the current interest charges into the daily balance calculations for interest charges.If it is a change, then it would increase interest charges. Assuming that the payment is always a month after the close of the billing cycle, the additional interest would be Average Balance * (1/12 interest rate) * Interest rate. For most customers that carry a balance, the difference will be small. Annual difference per $1,000 with 12% interest$1,000 * 1% * 12% = $1.20Even this amount should be decreased by paying early in the billing cycle. When carrying a balance, there is no grace period. The primary concern should be the eliminating the balance.
Best Of |
Favorites & Replies |
Start a New Board |
My Fool |
BATS data provided in real-time. NYSE, NASDAQ and NYSEMKT data delayed 15 minutes.
Real-Time prices provided by BATS. Market data provided by Interactive Data.
Company fundamental data provided by Morningstar. Earnings Estimates, Analyst Ra