Have you received a letter from your credit card company? (It might be bundled in the same envelope as your statement, or it might be delivered separately.) If so, be sure to read it. Why? Because, several credit card companies are changing their terms, rates, and policies. According to Credit Addict, both Citibank and American Express have recently made several…
Category: Credit
How Do Credit Card Companies Calculate Minimum Monthly Payments?
Do you know how your credit card company calculates your minimum monthly payment? In the past, most companies calculated your minimum payment as 2% of your account balance. Now, however, many companies are using a new formula. The minimum monthly payment equals 1% of account balance plus finance charges plus fees. Assuming an account balance of $4000 at 16% APR:…
Top 10 Ways To Save Money – Number 3 – Avoid Paying Credit Card Interest
On February 6, 2006, I made the final debt reduction payment and finished paying off all of my debt. Since then, I’ve been living debt free. I do not make monthly payments to creditors. I do not pay interest to credit card companies. I am free to do what I want to do, when I want to do it, with…