What is a Credit Card Finance Charge?
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Posted: Thu Sep 23, 2004 12:20 am
Post subject: What is a Credit Card Finance Charge?
Donna Fork
Date: 3/12/2001 10:10 am CDT
I recently cancelled my Capital One card because the "finance charge" meant I was charged a fee every month based on the amount I charged on the card, REGARDLESS of whether I paid on time (I always pay the entire balance each month). So the more I charged on the card, the higher the finance charge was -- even though I paid the card off on time each month. I was assured by DeltaSyMiles AmEx they don't do this, and as far as I can see, they don't. My problem is: I need a second credit card for places that don't take AmEx and I would like my second card to also provide frequent flyers miles. Since I pay the balance off completely every month, the APR doesn't matter much to me. The annual fee and this "finance charge" are of concern. Can you recommend frequent flyer credit cards that WON'T whack me with a "finance charge" every time I use the card? I'm told ALL Visa cards are the same with respect to this. Is that true? Please add some information about this onto your web site. Thanks for any assistance.
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Posted: Thu Sep 23, 2004 12:20 am
Post subject: What is a Credit Card Finance Charge?
Donna Fork
Date: 3/12/2001 1:11 pm CDT
Well, Capital One has waived the finance charges,
and says it's sorry about any misunderstanding. Now the person I talk to says they only charge finance charges if a person pays late so I am re-opening the account. We shall see what happens...
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
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Posted: Thu Sep 23, 2004 12:20 am
Post subject: What is a Credit Card Finance Charge?
Board Monitor- NK
Date: 3/12/2001 4:53 pm CDT
Capital One has a miles card called MilesOne. The annual fee is $19 (significantly less than other miles cards) and the APR is 9.9%, with a grace period.
"Finance charge" can refer to charges that are not generated by the APR, purchases, cash advances, etc. In addition to actual charges associated with interest, they can be late fees, overlimit fees, annual fees, monthly fees, you name it.
Kat
http://creditexpert.tripod.com/home.htm
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
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Posted: Thu Sep 23, 2004 12:21 am
Post subject: What is a Credit Card Finance Charge?
Eugene
Date: 3/12/2001 10:40 pm CDT
Can you recommend frequent flyer credit cards that WON'T whack me with a "finance charge" every time I use the card?
You should be looking for a card that has a grace period - a time after the statement date during which finance charge is not imposed, if the full payment is received by the due date. It is usually between 20 and 25 days. Most cards have it, some don't.
I'm told ALL Visa cards are the same with respect to this. Is that true?
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Posted: Thu Sep 23, 2004 12:20 am
Post subject: What is a Credit Card Finance Charge?
Donna Fork
Date: 3/12/2001 10:10 am CDT
I recently cancelled my Capital One card because the "finance charge" meant I was charged a fee every month based on the amount I charged on the card, REGARDLESS of whether I paid on time (I always pay the entire balance each month). So the more I charged on the card, the higher the finance charge was -- even though I paid the card off on time each month. I was assured by DeltaSyMiles AmEx they don't do this, and as far as I can see, they don't. My problem is: I need a second credit card for places that don't take AmEx and I would like my second card to also provide frequent flyers miles. Since I pay the balance off completely every month, the APR doesn't matter much to me. The annual fee and this "finance charge" are of concern. Can you recommend frequent flyer credit cards that WON'T whack me with a "finance charge" every time I use the card? I'm told ALL Visa cards are the same with respect to this. Is that true? Please add some information about this onto your web site. Thanks for any assistance.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
archive
Posted: Thu Sep 23, 2004 12:20 am
Post subject: What is a Credit Card Finance Charge?
Donna Fork
Date: 3/12/2001 1:11 pm CDT
Well, Capital One has waived the finance charges,
and says it's sorry about any misunderstanding. Now the person I talk to says they only charge finance charges if a person pays late so I am re-opening the account. We shall see what happens...
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
archive
Posted: Thu Sep 23, 2004 12:20 am
Post subject: What is a Credit Card Finance Charge?
Board Monitor- NK
Date: 3/12/2001 4:53 pm CDT
Capital One has a miles card called MilesOne. The annual fee is $19 (significantly less than other miles cards) and the APR is 9.9%, with a grace period.
"Finance charge" can refer to charges that are not generated by the APR, purchases, cash advances, etc. In addition to actual charges associated with interest, they can be late fees, overlimit fees, annual fees, monthly fees, you name it.
Kat
http://creditexpert.tripod.com/home.htm
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
archive
Posted: Thu Sep 23, 2004 12:21 am
Post subject: What is a Credit Card Finance Charge?
Eugene
Date: 3/12/2001 10:40 pm CDT
Can you recommend frequent flyer credit cards that WON'T whack me with a "finance charge" every time I use the card?
You should be looking for a card that has a grace period - a time after the statement date during which finance charge is not imposed, if the full payment is received by the due date. It is usually between 20 and 25 days. Most cards have it, some don't.
I'm told ALL Visa cards are the same with respect to this. Is that true?
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 12:12 PM
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