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Credit Card Interest Question?
I have a current balance of $2,500. If I pay $2,000, will the " PURCHASES*FINANCE CHARGE*PERIODIC RATE" (a/k/a monthly interest) be based on the $500 remaining, or on the whole $2,500?
1 Answer
- Uncle PennybagsLv 71 decade agoFavorite Answer
Usually, credit card interest charges are calculated daily by them. For every day you've got the balance of $2,500 you are paying interest on that. The day they receive the $2,000 payment, you start paying interest on the $500 portion.