Question about credit cards...

[Speedy Gonzales]

If I was to pay off the balance on my credit card, would I keep getting interest charges? I get an interest charge of $3.61 on one of my cards which I'm planning on paying off. Would I continue to pay $3.61 monthly if I paid off the balance? I know this might not make sense, but I hope somebody can understand and help me out. Thanks.

My Macy's Financial terms

Balance $177.75
Daily Periodic Rate 0.06822%
Annual Percentage Rate 24.90%
Balance Method B - What is this?

[GypsyStar]

Re: Question about credit cards...

If I was to pay off the balance on my credit card, would I keep getting interest charges? I get an interest charge of $3.61 on one of my cards which I'm planning on paying off. Would I continue to pay $3.61 monthly if I paid off the balance? I know this might not make sense, but I hope somebody can understand and help me out. Thanks.

My Macy's Financial terms

Balance $177.75
Daily Periodic Rate 0.06822%
Annual Percentage Rate 24.90%
Balance Method B - What is this?

They tried to BS someone I know. But interest is a percentage of your balance. And if your balance is 0, 0 times anything should be 0.

[Speedy Gonzales]

Re: Question about credit cards...

If I was to pay off the balance on my credit card, would I keep getting interest charges? I get an interest charge of $3.61 on one of my cards which I'm planning on paying off. Would I continue to pay $3.61 monthly if I paid off the balance? I know this might not make sense, but I hope somebody can understand and help me out. Thanks.

My Macy's Financial terms

Balance $177.75
Daily Periodic Rate 0.06822%
Annual Percentage Rate 24.90%
Balance Method B - What is this?

They tried to BS someone I know. But interest is a percentage of your balance. And if your balance is 0, 0 times anything should be 0.

Yeah. That's what I think. The reason I asked is because I saw an article online which stated paying off the balance wouldn't help; As you would continue getting finance charges and it wouldn't improve your credit score.

[GypsyStar]

Re: Question about credit cards...

If I was to pay off the balance on my credit card, would I keep getting interest charges? I get an interest charge of $3.61 on one of my cards which I'm planning on paying off. Would I continue to pay $3.61 monthly if I paid off the balance? I know this might not make sense, but I hope somebody can understand and help me out. Thanks.

My Macy's Financial terms

Balance $177.75
Daily Periodic Rate 0.06822%
Annual Percentage Rate 24.90%
Balance Method B - What is this?

They tried to BS someone I know. But interest is a percentage of your balance. And if your balance is 0, 0 times anything should be 0.

Yeah. That's what I think. The reason I asked is because I saw an article online which stated paying off the balance wouldn't help; As you would continue getting finance charges and it wouldn't improve your credit score.

well what fucks up your credit score is CLOSING the account. B/c it removes that amount from being factored in. Like if you have 5k available but only have 1 k in debt. You look better than if you have 2k available and are 1k in debt.

[IgnoranceIsBliss]

Re: Question about credit cards...

I dunno if it's different in the US to here in the UK but...

If you're late paying your card then you'll get interest added on at that rate. Until you pay it all off.
You have to pay a minimum amount.
Once it's paid off then they can't charge you interest like MsStar said.
And obviously if you pay if off then your limit will allow you to spend a bit more as it frees up more money.