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    Credit card Problems

    Maybe someone can help Ihave this revolving credit card with mastercard and the credit limit is 1000 dollars.In reviewing my November statement I notice my begining balnce being 600 dollarsand Imade a payment of 200 dollars on November 10 and a purchase of 80 dollars on November 5 and 100 dollars on November 15 and 50 on Nov 30th the problem is that I spilled Juice on it and not able to read it clearly on the back says 16% interest rate APR.I cant tell how much iterest I paid in November using the average daily balance method assuming that November had a 30-day cycle.The previous balance method and the adjusted balnce method.

    #2
    Can someone please help me as soon as possible!

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      #3
      Sherron,
      I am not sure what your looking for. You want to know how much interest you paid? The credit card must have a web site, have you not tried to sign up for free access to the web site?

      I guess I am confused at to the relivence of the interest you paid.

      Ray

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        #4
        Most U.S. credit cards are quoted in terms of nominal APR compounded daily, or sometimes (and especially formerly) monthly, which in either case is not the same as the effective annual rate (EAR). Despite the "annual" in APR, it is not necessarily a direct reference for the interest rate paid on a stable balance over one year. The more direct reference for the one-year rate of interest is EAR. The general conversion factor for APR to EAR is EAR=((1+APR/n)^n)-1, where n represents the number of compounding periods of the APR per EAR period. For a common credit card quoted at 12.99% APR compounded daily, the one year EAR is ((1+.1299/365)^365) -1, or 13.87%; and if it is compounded monthly, the one year EAR is ((1+.1299/12)^12) - 1 or 13.79. On an annual basis, the one-year EAR for compounding monthly is always less than the EAR for compounding daily. However, the relationship of the two in individual billing periods depends on the APR and the number of days in the billing period. For example, given 12 billing periods a year, 365 days, and an APR of 12.99%, if a billing period is 28 days then the rate charged by monthly compounding is greater than that charged by daily compounding [ .1299/12 is greater than ((1+.1299/365)^28)-1]. But for a billing period of 31 days, the order is reversed (.1299/12 is less than ((1+.1299/365)^31)). In general, credit cards available to middle-class cardholders that range in credit limit from $1,000 to $30,000 calculate the finance charge by methods that are exactly equal to compound interest compounded daily, although the interest is not posted to the account until the end of the billing cycle. A high U.S. APR of 29.99% carries an effective annual rate of 34.96% for daily compounding and 34.48% for monthly compounding, given a year with 12 billing periods and 365 days.

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          #5
          Go online and print a new statement.

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            #6
            I don't think we can tell you how much interest you paid. Just get that info from the credit card company (though I'm not sure why you need to know it). Pull up your statement online and get all the details you need.
            Steve

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              #7
              I calculated that you paid about $7.70-7.80 in interest. But definitely check with your CC company.

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                #8
                You spilled juice on it? Thats pretty funny... Just contact the CC company or check the website

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                  #9
                  Have you considered using the card and paying in full each month. This way you pay no interest and still build credit. A habit of carrying a balance can lead to serious debt problems.

                  You might avoid using the card for purchases on things you do not need.

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