Stupid Question: how does credit card work
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Anonymous
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I am embarrassed to ask anyone else - I never had a credit card, got it recently and I think I am using it incorrectly.
First, I have no idea how much % I have been charged already and cannot figure it out online (I have Chase Credit Card). Second, should I pay it off near the "due date" and not use it around the date not to be charged %? How about pending charges? Is there a grace period usually? I am paying it off during the month, but not around the due date, should I rather save up and pay it off at once? Any tips about using a credit card? Thank you! |
Anonymous
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There are two relevant dates -- the "closing date" and the "payment due date."
Let's say, for example, your closing date is the 20th of every month. On the 20th, they will add up everything you owe so far and send you a statement (either online or by mail), that tells you what your "statement balance" is and when your payment is due. Generally, if you pay off the entire statement balance before the specified due date every month, you will not pay any interest. (Though there might be cash advance fees and the like.) For most cards (except American Express), there is also a "minimum balance due"; if you pay off that amount, you won't be considered late or in default, but you will have to pay interest on the rest of the statement balance that isn't paid. Anything additional charges you make after the closing date will be saved up and added to the statement balance on your NEXT bill. So -- if your closing date is the 10th and payment is due on the 20th (they're never really that close together, this is just an example), then if you charge something on the 15th, you don't have to pay for it by the 20th; you'll have to pay for it on the following month's bill. |
Anonymous
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Is this a way to generate credit card ads on this page?
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Anonymous
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Anonymous
If it was it would be a shitty and pointless way to do it. |
Anonymous
I am the OP, no credit card ads have generated for me yet  Still seeing anthro ads
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Anonymous
| OP you have NO business with a credit card. Cut it up immediately and pay off whatever it is you've charged. A person who doesn't understand how or why one works shouldn't have one. Period. |
Anonymous
Oh, get a grip. OP came here and asked. What's the problem? |
Anonymous
I disagree. OP may not know how a credit card works today, but is smart enough to ask for help. Once upon a time, you didn't know how one worked either. Everyone has to learn at some point if they want to have a credit card. |
Anonymous
Heh heh...scroll down to the bottom of this page. Discover card baby! |
Anonymous
You probably shouldn't have one either. 
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Anonymous
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OP, don't be embarrassed to call your credit card company and ask. In the days of the internet I rarely call my credit card company anymore but I have had good experiences when I've had to call them. If it's a company that prides itself on service they should be very helpful.
Can't say much about Chase one way or another. I had a card with them I never used so I never talked to them. |
Anonymous
OP here: I see the Boyd School. I never asked about them or searched for them. This site is broken !
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Anonymous
DH, is it you? |
Anonymous
Thank you, I need to do this. Hope they will laugh at me after I hang up
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