ok my stupid q of the day
how does credit cards work
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ok my stupid q of the day
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Re: ok my stupid q of the day
what do u mean? like how do u use them or how do they make money?!
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Re: ok my stupid q of the day
when you charge something it goes on your account. each card has a certain APR which is like if they say 17.99% then if you charge $100 that month they will charge you 17.99% of that 100 and add it to your bill...so that month you would get billed 117.99 then they charge you a certain amount as your minimum payment. for that amount it would be like $10 so you have to pay at least $10 that month. the more you charge, the higher your minimum payment will be
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Re: ok my stupid q of the day
ooooo ok thanks so much
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Re: ok my stupid q of the day
Posted by CloudNine
when you charge something it goes on your account. each card has a certain APR which is like if they say 17.99% then if you charge $100 that month they will charge you 17.99% of that 100 and add it to your bill...so that month you would get billed 117.99 then they charge you a certain amount as your minimum payment. for that amount it would be like $10 so you have to pay at least $10 that month. the more you charge, the higher your minimum payment will be
You explained this so nicely, if I tried to say this I would end up confusing the person. I never really paid attention to the APR on my bill before; you learn something new every day.
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Re: ok my stupid q of the day
I thought APR was the interest they'd charge you if you didn't pay in full when you got the bill?
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Re: ok my stupid q of the day
Posted by MikesBride2B
I thought APR was the interest they'd charge you if you didn't pay in full when you got the bill?
Correct. You only get charged APR or interest if you don't pay each bill in full. I pay my Amex card in full every month and never pay interest. But *most* people don't do this.
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Re: ok my stupid q of the day
lol i kinda knew how they worked but not really! glad u all cleared it up.
im good with money under my mattress. if i dont have cash or $ in my bank account for a purchase, then i shouldnt have the item in my possession
im good with money under my mattress. if i dont have cash or $ in my bank account for a purchase, then i shouldnt have the item in my possession
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Re: ok my stupid q of the day
Posted by grkbarbie
lol i kinda knew how they worked but not really! glad u all cleared it up.
im good with money under my mattress. if i dont have cash or $ in my bank account for a purchase, then i shouldnt have the item in my possession
lmao! i thought it was only us crazy italians that did this 'money under the mattress' hahaha....yay!
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Re: ok my stupid q of the day
cash makes the world go round ![]()
