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I'm relatively new to credit cards, and since getting one when college started, I've been constantly told by family to pay the FULL amount at each billing cycle. I know it is the best thing to do, but with this holiday season in full swing, I may have spent more than I should have. My question is:
What actually happens when I only pay the minimum amount? Will my next billing cycle be an outrageously large amount beccause of the interest rate, etc?

I'm just not sure how that works. My monthly bill says I have a periodic rate of .05425% and a corresponding APR of 19.80%.......what does this mean!?!

Please reply ASAP. I appreciate your help.


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