How is the average daily balance of credit cards calculated?

Answer The average daily balance on a credit card is an important item for consumers to understand. There are several factors used in calculating the average daily balance, including the daily balance and... Read More »

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How is APR calculated on credit cards?

The annual percentage rate, or APR, is calculated on a credit card by taking the monthly periodic rate and multiplying it by 12. The monthly periodic rate is the annual percentage rate divided by 1... Read More »

How many ways is interest on credit cards calculated?

Credit card companies have a few ways to calculate interest on credit cards. The method the credit card company uses to calculate interest determines how much interest you have to pay each month. S... Read More »

How many ways is interest calculated on credit cards?

Different credit card companies utilize different methods of calculating the interest charges on your account. It is important to understand how your company calculates the interest so you can mini... Read More »

What are balance transfer credit cards?

If you carry a high balance on your current credit card, you may benefit financially by transferring the balance to another credit card that offers more favorable repayment terms. You can then pay ... Read More »