What is minimun monthley Finac

Discussion in 'Credit Talk' started by Azrael C, Sep 11, 2000.

  1. Azrael C

    Azrael C Guest

    What is minimun monthly Finacial Charge?
    Alot Companies have 1$ or .50$ as the charge..
    is that just a extra charge they give every
    month to make money?

    Thanks
    AC
     
  2. lena

    lena Well-Known Member

    RE: What is minimun monthley F

    The minimum finance charge is the loweset amount of money a company will charge you for carrying a balance. Most companies minimum is $.50. Here is an example: You charge $100.00, make a payment for $80.00 and are now revolving a balance. The amount of finance charges that accrue on the $20.00 carried is $.20. The company will charge you an additional $.30 to make a minimum finance charge of $.50

    Azrael C wrote:
    -------------------------------
    What is minimun monthly Finacial Charge?
    Alot Companies have 1$ or .50$ as the charge..
    is that just a extra charge they give every
    month to make money?

    Thanks
    AC
     

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