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If you own a credit card – or if you’ve ever thought of applying for one – you have probably asked yourself: how does credit card interest work? In fact, credit card companies often rely on the fact that you will not understand how your interest is constantly compounding. So we thought it would be useful to explain exactly how credit card interest works… More likely than not, you don’t realize exactly how the interest on your credit card is calculated.A credit card is a payment card issued to users (cardholders) to enable the cardholder to pay a merchant for goods and services, based on the cardholder's promise to the card issuer to pay them for the amounts so paid plus other agreed charges.The card issuer (usually a bank) creates a revolving account and grants a line of credit to the cardholder, from which the cardholder can borrow money for payment to a merchant or as a cash advance.A credit card is different from a charge card, where it requires the balance to be repaid in full each month.
So why should you still sign up despite the competition?
And some companies, such as Discover and Capital One, are already starting to do this through free credit scoring and financial literacy programs.
These companies could target customers with the right products through recommendations for their own credit card products based on credit scores.
This group of consumers also did not understand how credit history affects mortgage or auto loan applications in the future.
Credit card networks and issuers would benefit from providing appropriate education to the public.
The second month you are again charged 10% interest, which this time comes out to eleven dollars (110 x 0.10), so now you have $121 of debt. Compound interest has a big impact on how credit card interest works.