Credit Tips: Finance Charge Tips on Credit Cards

Posted On: June 1, 2006

Author: jbkinn
Posted: Sun Mar 26, 2006 11:14 am
Post subject: Got Citi MS Rewards card instantly online.. interest??

OK. Based on information I got from this forum I applied and got online the Citi MS Rewards Card (Diamond,I think). My question is in how they calculate interest and apply it. Although there is a 20 grace period, it looks as though the interest is computed on a daily basis. It was not clear that paying within the 20 grace period the entire balance would avoid this interest charge. What do you think?

I do like the photo ID option and the ability to pay online and credit the payment the same day if done befor 5 PM. It also has what they call “virtual account numbers” which hids your actual account number when making an internet purchase.

Author: jbkinn
Posted: Sun Mar 26, 2006 1:32 pm
Post subject: Here is the correct name for the card.

Citi® Dividend Platinum Select® MasterCard® is the correct name for the card I posted about.

Author: Ira
Posted: Sun Mar 26, 2006 4:03 pm
Post subject: Finance Charge Tips on Credit Cards

If you pay your balance IN FULL within the grace period there will be no finance charge. That’s the definition of “grace period.”
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Do not let what you cannot do interfere with what you can do.

Author: bullet875
Posted: Sun Mar 26, 2006 7:39 pm
Post subject: I love this card!

I have that card and use it for my drgstore purchases because my prescription plan makes us pay 100% of our cost out of pocket and then refunds 90% of the cost via check within 2-3 weeks. So, with me using the 5% cash back card, I only end up paying 5% for my drugs instead of 10 and it lets me float the cost until the refund check comes. In my case this is cheaper than having a card that has a $10 copay per prescription.

I’ve had this card for 2 years. My interest rate is 12.24% annually so I guess the 17.00% is new for new cards only.