Credit Cards

[pcchick]

yup.. it is my beleive that 80% of all americans are in credit card debt.

Tis true but oh so sad.

[AngelsKiss]

Not just American, Jamaicans are in some serious debt too.

All credit card come with varying interest rate, however if you pay before the due date you will not pay any interest. Store cards have a higher interest rate than bank card.

There are some credit cards that do not carry any annual fees however their interest rates are higher. There are some cards with cashback (dividend cards) and some with points system. In other words there are all types of credit cards out there you just have to know which one will suit your need and which you qualify for.

BTW Cocoa one of the reason why so many Americans are in credit card debt is because it's very easy to get a card in the USA. In many instances you do not have to apply for a card one is sent to you in the mail. In Jamaica and Canada it's different.

[JUGGERNAUT]

I have a question...If you credit limit is $30,000, is that $30,000 for the month or per purchace, and if it is per month what if you pay back the $30,000 before the month ends or before you get the statememnt, can you use it again to spend like another $20,000?

[pcchick]

I have a question...If you credit limit is $30,000, is that $30,000 for the month or per purchace, and if it is per month what if you pay back the $30,000 before the month ends or before you get the statememnt, can you use it again to spend like another $20,000?

It's all the credit they give you to use as long as you have the card - $30,000.

If you already used say 1/3 of the credit, then you still have 2/3 of it left. So you can still use the 2/3. You can pay off the $10,000 but you will still have the &30,000.

The rule is use the least or most of your credit but don't go over your limit. Tu comprehende?

[JUGGERNAUT]

Thank you ohhh so much you warrior looking girl you

[leoandru]

I have a question...If you credit limit is $30,000, is that $30,000 for the month or per purchace, and if it is per month what if you pay back the $30,000 before the month ends or before you get the statememnt, can you use it again to spend like another $20,000?

Trust me they will find a way to extend your limit. The Bank that is!

[g2cris]

I have a question...If you credit limit is $30,000, is that $30,000 for the month or per purchace, and if it is per month what if you pay back the $30,000 before the month ends or before you get the statememnt, can you use it again to spend like another $20,000?

THERE IS SUCH A THING AS THE OVER LIMIT FEE THOUGH

[AngelsKiss]

Guys just a tip for those of you who do not know...when you use your credit card, they tell you that you can pay the minimum However, if you are carrying a hefty outstanding balance try to pay more than the minimum balance else you will be forever paying only the interest portion.

Often times they do not explain these things to the customer and ppl max out their limit then have a hell of a time trying to bring down the balance.

Better yet, if you can pay off the balance as soon as you use it, that way you avoid interest payments.

[BlaqMale]

but haven't banks started chardging interst per day instead of the monthly cycle?

[leoandru]

but haven't banks started chardging interst per day instead of the monthly cycle?

huh? I think that is based on the type of card you got.