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Credit Card Questions
Wezoin
Registered User regular
Registered User regular
A few months ago I got my first credit card (Mastercard) and have paid it off in full every month. This month I spent a little bit more than I think I'll end up being able to pay off in the month, so heres my questions:
1) My interest rate is 26%, that is annually right? Meaning if (and these numbers just used to make math easy and have no relation to my actual spending) I have a balance of $400 on the card, I'm not going to be charged $100 in interest right?
2) Will my credit rating drop for keeping a balance on the card? My assumption is that as long as I make at least the minimum payment it wouldn't (after all, I doubt many people take out a mortgage and pay it in full when the first payment is due)
1) My interest rate is 26%, that is annually right? Meaning if (and these numbers just used to make math easy and have no relation to my actual spending) I have a balance of $400 on the card, I'm not going to be charged $100 in interest right?
2) Will my credit rating drop for keeping a balance on the card? My assumption is that as long as I make at least the minimum payment it wouldn't (after all, I doubt many people take out a mortgage and pay it in full when the first payment is due)
Wezoin on
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Posts
1) Yes, it's an annual rate. 26% is a horrendous rate, by the way.
2) No, your credit rating will not drop by keeping a balance. As long as you're paying the minimum payments, your rating will not be hurt.
But holy Christ is 26% awful. You're paying it off every month so it's not really hurting you, but I'd hate to have to put a large emergency payment on that card.
Anyway, yes, it was a huge emergency purchase... 52 inches of 1080p emergency.