Total Credit Limit on Credit Card Tip
Author: Dummy
Posted: Wed Feb 11, 2004 5:19 am
Post subject: Total Credit Limit on Credit Card Tip
If my total credit limit is X (say 2k) and outstanding balance is Y (say 500) then my available credit is X-Y (1.5k) ? True or False?
If I pay off the 500 balance would my available credit go back up to the full 2k? True or False?
If my total credit limit is X (say 2k), there's 0 balance, and today I get a cash advance of $100. Extra info: Periodic Finance CHarge for Cash advance is 19.99% APR and daily it's 0.0548%. The cash advance was gotten thru ATM and the "agreement" also mentions 3% finance charge for ATM. Questions: what would my balance be tommorow? what would my available credit be tommorow? With calculations please.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: Ira
Posted: Wed Feb 11, 2004 8:05 am
Post subject: Total Credit Limit on Credit Card Tip
Quote:
If my total credit limit is X (say 2k) and outstanding balance is Y (say 500) then my available credit is X-Y (1.5k) ? True or False?
True
Quote:
If I pay off the 500 balance would my available credit go back up to the full 2k? True or False?
true
Quote:
If my total credit limit is X (say 2k), there's 0 balance, and today I get a cash advance of $100. Extra info: Periodic Finance CHarge for Cash advance is 19.99% APR and daily it's 0.0548%. The cash advance was gotten thru ATM and the "agreement" also mentions 3% finance charge for ATM. Questions: what would my balance be tommorow? what would my available credit be tommorow? With calculations please.
You'd be charged the 3% cash advance fee plus 1/360 of the PFC per day for the outstanding cash advance balance. You do the calculations.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: QuibbleMoth
Posted: Wed Feb 11, 2004 10:44 am
Post subject: Total Credit Limit on Credit Card Tip
Be careful with cash advances. Besides the obvious 19.99% interest rate and 3% fee, this portion of your balance will be "buried" beneath the rest of your balance and paid off last.
Be careful with fees or anything that smells like a cash advance.
Bank of America, for example, is offering 0% balance transfers with a 3% or $50 per check fee. In the very fine print you will discover that the fee will receive the cash advance rate. So it turns out that this 0% balance transfer has a fee attached at 19.9% which, of course, will be - paid off last. So it wasn't really 0% afterall.
Another piece of fine print: credit card companies may apply your payments to any part of the balance they choose. The consumer should have the right to direct their payment towards the higher interest loans or part of the balance first yet the card companies apply it to the lowest interest part of the balance first. In what other industry - I mean besides the carnival - would this practice be accepted?
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Posted: Wed Feb 11, 2004 5:19 am
Post subject: Total Credit Limit on Credit Card Tip
If my total credit limit is X (say 2k) and outstanding balance is Y (say 500) then my available credit is X-Y (1.5k) ? True or False?
If I pay off the 500 balance would my available credit go back up to the full 2k? True or False?
If my total credit limit is X (say 2k), there's 0 balance, and today I get a cash advance of $100. Extra info: Periodic Finance CHarge for Cash advance is 19.99% APR and daily it's 0.0548%. The cash advance was gotten thru ATM and the "agreement" also mentions 3% finance charge for ATM. Questions: what would my balance be tommorow? what would my available credit be tommorow? With calculations please.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: Ira
Posted: Wed Feb 11, 2004 8:05 am
Post subject: Total Credit Limit on Credit Card Tip
Quote:
If my total credit limit is X (say 2k) and outstanding balance is Y (say 500) then my available credit is X-Y (1.5k) ? True or False?
True
Quote:
If I pay off the 500 balance would my available credit go back up to the full 2k? True or False?
true
Quote:
If my total credit limit is X (say 2k), there's 0 balance, and today I get a cash advance of $100. Extra info: Periodic Finance CHarge for Cash advance is 19.99% APR and daily it's 0.0548%. The cash advance was gotten thru ATM and the "agreement" also mentions 3% finance charge for ATM. Questions: what would my balance be tommorow? what would my available credit be tommorow? With calculations please.
You'd be charged the 3% cash advance fee plus 1/360 of the PFC per day for the outstanding cash advance balance. You do the calculations.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: QuibbleMoth
Posted: Wed Feb 11, 2004 10:44 am
Post subject: Total Credit Limit on Credit Card Tip
Be careful with cash advances. Besides the obvious 19.99% interest rate and 3% fee, this portion of your balance will be "buried" beneath the rest of your balance and paid off last.
Be careful with fees or anything that smells like a cash advance.
Bank of America, for example, is offering 0% balance transfers with a 3% or $50 per check fee. In the very fine print you will discover that the fee will receive the cash advance rate. So it turns out that this 0% balance transfer has a fee attached at 19.9% which, of course, will be - paid off last. So it wasn't really 0% afterall.
Another piece of fine print: credit card companies may apply your payments to any part of the balance they choose. The consumer should have the right to direct their payment towards the higher interest loans or part of the balance first yet the card companies apply it to the lowest interest part of the balance first. In what other industry - I mean besides the carnival - would this practice be accepted?
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 9:56 AM
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