Credit Card Fiance Charge Calculation
Author: Chocolate
Title: Credit Card Fiance Charge Calculation
Date: 8/9/2000 1:48 pm CDT
Do you know of **any** card that figures its finace charges using this method: Average Daily Balance EXCLUDING new purchases. I always see this method mentioned along with methods but I have never seen a credit card that does this. Aare there any? If not, then this method shouldn't be mentioned at all. It gives people like me false hope!
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: Board Monitor - CA
Title: Credit Card Fiance Charge Calculation
Date: 8/9/2000 3:51 pm CDT
Thanks for your post! Sorry we did not respond earlier (I just noticed you had made the same inquiry previously). Anyway, your question is a good one. You are correct... the finance calculation method that you are referring to is mentioned quite regularly. Some websites, for example, include calculations that show how this method can lower your finance/interest charges. One such site is..
http://www.montana.edu/wwwpb/pubs/mt9802.html
In reality, though, I am not aware of a single card that uses this method. If anyone is aware of a card that does, please respond to this post! American Express introduced a "True Grace" version of their Optima Card in 1994, which offered the method you are describing. The "True Grace" card is no longer be offered, though (the current Optima Card features the standard "average daily balance including new purchases" method). You can read a related article here..
http://www.cardweb.com//cardtrak/pastissues/ct_sep94.html
Hope this helps! Sorry you got a sense of false hope. The best way to avoid finance charges is to pay your card(s) off every month if at all possible.
Best Regards,
Curtis Arnold
P.R. Director
CardRatings.org
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: Chocolate
Title: Credit Card Fiance Charge Calculation
Date: 8/10/2000 2:40 pm CDT
Board Monitor: Thanks for the information. At least I know that I am not crazy for asking that question. I hope that someone does know of a credit card that uses the "average daily balance EXCLUDING new purchases"! I currently have a Discover Card that uses the two-cycle method I also have an approximately $4500 balance on it. I have been trying to get rid of the Discover Card for several months now. They won't even lower their interest rate although I haven't been late on payments and have been with them since 1989. Go figure!
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Title: Credit Card Fiance Charge Calculation
Date: 8/9/2000 1:48 pm CDT
Do you know of **any** card that figures its finace charges using this method: Average Daily Balance EXCLUDING new purchases. I always see this method mentioned along with methods but I have never seen a credit card that does this. Aare there any? If not, then this method shouldn't be mentioned at all. It gives people like me false hope!
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: Board Monitor - CA
Title: Credit Card Fiance Charge Calculation
Date: 8/9/2000 3:51 pm CDT
Thanks for your post! Sorry we did not respond earlier (I just noticed you had made the same inquiry previously). Anyway, your question is a good one. You are correct... the finance calculation method that you are referring to is mentioned quite regularly. Some websites, for example, include calculations that show how this method can lower your finance/interest charges. One such site is..
http://www.montana.edu/wwwpb/pubs/mt9802.html
In reality, though, I am not aware of a single card that uses this method. If anyone is aware of a card that does, please respond to this post! American Express introduced a "True Grace" version of their Optima Card in 1994, which offered the method you are describing. The "True Grace" card is no longer be offered, though (the current Optima Card features the standard "average daily balance including new purchases" method). You can read a related article here..
http://www.cardweb.com//cardtrak/pastissues/ct_sep94.html
Hope this helps! Sorry you got a sense of false hope. The best way to avoid finance charges is to pay your card(s) off every month if at all possible.
Best Regards,
Curtis Arnold
P.R. Director
CardRatings.org
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: Chocolate
Title: Credit Card Fiance Charge Calculation
Date: 8/10/2000 2:40 pm CDT
Board Monitor: Thanks for the information. At least I know that I am not crazy for asking that question. I hope that someone does know of a credit card that uses the "average daily balance EXCLUDING new purchases"! I currently have a Discover Card that uses the two-cycle method I also have an approximately $4500 balance on it. I have been trying to get rid of the Discover Card for several months now. They won't even lower their interest rate although I haven't been late on payments and have been with them since 1989. Go figure!
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
posted by CardRatings.com at 4:53 PM
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