how do credit cards work I pay the minimum payment and then charged a finance charge?
Is the finance charge interest on what I have on the card? I thought interest was included with the monthly minimum payment?
I make a $ 45 payment and then get charged $ 25 finance charge, yikes!
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Answer by Rick B
You should NEVER charge more than you can pay IN FULL. NEVER pay the minimum payment. At that rate it will take you years to pay the item off and you will pay double or more for the item. Does that make any financial sense at all?!?!?
Pay your bill IN FULL, or don't buy the item.
Finance
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