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Can someone explain APR on credit cards
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bettybcafe
Big brother in the making
Member since 7/07 8611 total posts
Name:
M
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Can someone explain APR on credit cards
This month would be the first month in over 10 years that I may have to carry a balance and pay interest. Can someone explain to me how this works. If I have a $1500 with 18.24% APR what will be my monthly interest charge? Thanks!
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Posted 8/31/10 1:10 AM  |
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Long Island's Largest Bridal Resource |
MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: Can someone explain APR on credit cards
$1500 x .1824 = $273.60. That would be the annual interest charge.
$273.60/12= $22.80 is your monthly charge.
But remember, you'll have a minimum payment that is probably at least $100 - it depends on your CC agreement.
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| Posted 8/31/10 8:19 AM |
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BabyBoy
is Skylar Elizabeth
Member since 5/05 4189 total posts
Name:
Tom
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Re: Can someone explain APR on credit cards
A. 18.24% is high
B. Min payment is normally 2 or 3% of your outstanding balance.
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| Posted 8/31/10 10:32 AM |
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bettybcafe
Big brother in the making
Member since 7/07 8611 total posts
Name:
M
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Re: Can someone explain APR on credit cards
Posted by Meaghan729
$1500 x .1824 = $273.60. That would be the annual interest charge.
$273.60/12= $22.80 is your monthly charge.
But remember, you'll have a minimum payment that is probably at least $100 - it depends on your CC agreement.
Thank you!
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| Posted 8/31/10 11:13 AM |
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bettybcafe
Big brother in the making
Member since 7/07 8611 total posts
Name:
M
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Re: Can someone explain APR on credit cards
Posted by BabyBoy
A. 18.24% is high
B. Min payment is normally 2 or 3% of your outstanding balance.
Yea, I know  I think its because I have one of those rebate cards. I have heard that with rebate cards the APR is usually high but there are def. higher than 18.24%. Im not sure yet if I am going to carry the balance though. I wanted a little more info. first. thank you
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| Posted 8/31/10 11:14 AM |
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