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How Credit Cards Charge Interest! (The Basics)

Honest Finance 16 views

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Comment from : @HonestFinance

Wow credit cards are so stupid
Comment from : @jacobrahe8726

The evil system to press down and suck the blood of the poors
Comment from : @Accarrier999

Does paying interest go towards my unpaid balance
Comment from : @reggieb838

Isn't your ADB example incorrect?br6:29 brbrYou are saying that for a balance of $36,000, you will pay $1920 in interest for that month's cycle that doesn't make sense You pay $1920 PER DAY The monthly interest is closer to $580
Comment from : @juliomaldonado7781

This answered my question of why the Balance subject to interest was more than the previous statement balance This is the most thorough explanation of how credit cards work Thank you
Comment from : @vonettawilliams3754

OK so i have a credit card balance of $17,000 with 2224 interest rate and i can pay this off buy selling my Honda HRV with 25,000 miles on it to carvana which they will pay me $18,000 for it Now on the other hand I can buy a new Tesla model Y which they are running a promo of 099 APR for 60 months Vehicle amount is $42,990/destination fee 1,390 / order fee $250/minus instant federal tax credit of $ 7,500 for this EV car Total of $37,130 plus tax and other misc small charge My question is Will i get big savings out of it if when doing this since the car has a very low interest Thank you Need your answer asap pleasebrbrbrbrReply
Comment from : @zxnuc

Thank you! This was very useful Looking at my past statements, I am not understanding why I paid no interest in July and August but started paying interest in September even though I had paid the previous balance in full and in time Why could that be? I called the credit card company but their explanation made no sense to me
Comment from : @melifever

Wow you give really good explanation on how interest work for credit cards! But does interest begin accumulated not only depend on what you spend during the grace period but also purchases made on next billing cycle as well? And when does companies stop charging interest on you? 🧐
Comment from : @RubyVu4

Great finance videos Subscribed🎉🎉
Comment from : @inNYCC

I really needed this detailed breakdown, i have a business strategy using my business credit cards limit, which i would payback in full plus intrest for the next 5yrs and 6 months, yes its expensive but its access to funds to make funds that i would try and payback sooner than laterbrbrbrBX STAND UP!!!
Comment from : @LordBlackNephew