Sometimes, you will just be surprised with your credit card bill for a specific month because it goes bigger. Aside from the possibility that your credit card company may have billed you wrong, there are also big chances that the computation is right but you are not just aware of those computations. In this article, let’s try to find out how most credit cards interests are computed. Although it’s a bit complicated, you need to know how your debt’s interest are being calculated.
First, you should not pay attention when your bank says that you are being computed with annual interest rate because the truth is, you are actually being rated with interest daily. You can figure out your daily periodic rate by taking your annual periodic rate divided by the number of days in a year. It’s actually bigger than you think, that’s why you need to be smarter in using your credit card as well as in spending using such card.
If your debt goes up especially in times that you were not able to pay your due for a month, you can pay it on the net month, or avail balance transfer program. That is, transferring your balance to another card. Cards where you have transferred your balance often gives lower interest rate.
If you have heard about Lowe’s Credit Card, such card offers a credit card for your business and a credit card for yourself. Such card allows you to shop at Lowes mostly on household materials. If you talk about Lowes Credit Card Payment, the payment depends on the type of credit card. If you use Lowe’s Business Account credit card, you will have an option if you will pay over time with low monthly interest of pay your dues in full. However, if you use Lowe’s Accounts Receivable card, you are entitled to pay your balance every month in full, or else a certain interest will be charged on your account.