How to Figure Interest on a Credit Card

Save
Next Video:
How to Get a Trade Card to Boost a Credit....5

Interest on a credit card can vary from 0 percent to around 30 percent, depending on credit and offers from the credit card company. Discover what an APR figure is with information from a registered financial consultant in this free video on money management.

Part of the Video Series: Personal Finance Tips
Promoted By Zergnet

Comments

Video Transcript

This is financial advisor Patrick Munro talking about how to calculate interest on a credit card. Interest on a credit card can vary from zero percent all the way up to close to 30 percent, depending on your credit, and also depending on offers from the credit card company. Zero percent is easy to figure out. Anything beyond that has an APR figure, which is the figure that most banks use. Any figure that is within your budget to pay is a reasonable figure, as well. If you're trying to reestablish credit after some bumps in the road with credit, the rate that you pay will reflect your credit challenges, and many times, your rate will be double-digits until your credit report gets better, where it will fall down to the lower single-digits. Usually, the numbers that you pay on a credit card interests are .9. In other words, 2.9, 3.9, 4.9. This is just the way banks do it. This is Patrick Munro talking about how to pay interest or calculate interest on a credit card statement.

Featured

Related Searches

M
Is DIY in your DNA? Become part of our maker community.
Submit Your Work!