Two Credit Card Questions...?

Question

i would like to know what a minimum finance charge is.

every time i use the card, i am charged money to use it?

Second, i have a certain rates due to my credit history/status, can these rates go down after time, using this credit card?

Answer 1

Minimum finance charge:  Its the interest you pay on teh balance you carry on the card.  They can say you pay 9% interest on balances, but maybe you you only have $5 on teh card, so they'll charge you a "minimum finance charge" of $10 because the return on 9% of $5 is too small for them.

Yes, rates can go down over time.  But Its hard to get an existing account changed to a lower rate.  you're better off improving your score and then once better offers roll in, transfer to the new account with a lower rate.

Answer 2

You are not charged to use your credit cards for purchases, you will be charged for cash advances.

Rates on credit cards are variable, meaning they go up and down as interest rates go up and down, your rates can also go up if you miss or are late on a payment. For more information on using credit wisely you should read this article, http://www.monitorbankrates.com/how-to-b...