What does the “Interest Rate” on my credit card statement mean?
Monday, January 2nd, 2012 at
12:50 am
Question by MB_Bailey: What does the “Interest Rate” on my credit card statement mean?
I know what interest is… the question here is how frequently the WHOLE interest rate is assessed…
For example, answer me this, If I leave $ 1000 carry-over balance on a card with a 13.150% interest rate, how much interest will I pay over the course of one month?
Best answer:
Answer by an14341991
a lot!
Add your own answer in the comments!
Tags: Card, credit, interest, mean, Rate, Statement
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amount you owe times interest rate, in your case .1315, divided by 365 gives you the per diem (daily) rate time 30 gives you the months finance charge.
For every $ 1000,00 you borrow you pay $ 131.50 per year which amounts to $ 0.36 per day or $ 10.81 per month.
My friend owes $ 160,000.00 in student loans. She needs to make $ 38 per day just to pay for the interest.
Credit card interest is even worse than loans sharks but this is done legally.
I’ve rung the bank from time to time to question the rate, they have perfected the art of baffling us callers.
Only way to use cards is to pay the whole balance monthly.
Have fun