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Credit Card Finance Charges Defined
Posted by nick_niesen on October 29th
, 2010
If a consumer carries a balance on their credit card beyond a single billing cycle, they will be charged for it. This is called a finance charge and is associated with the APR on the consumer's account. The amount charged will be affected by the card's APR, how the card was used, and how much was charged. It is important to know that rates, even on Low Interest Credit Cards, vary according to how a credit card is used
, so a new purchase will have a different APR than a cash advance or balance transfer.
Credit cards can be a bit overwhelming, and the fees associated with them are understood by very few people who use them. This can be dangerous can lead some people into a debt spiral that can be very difficult to get out of. Although creditors should be clearer when presenting their services, it is the consumer's responsibility to do the necessary research before entering in to any kind of financial agreement. One of the more confusing aspects of credit cards is how interest is calculated.
The two most common methods of calculating credit card interest are:
聲 The Two Cycle Average
聲 The Average Daily Balance
The Two Cycle Average:
This is the most common method used to calculate credit card interest, and not surprisingly it is the most complicated. Interest is calculated by taking an average of the amount charged to an account by the number of days in the current and previous billing cycle.
A good example would be if during the current billing cycle, the consumer has $500.00 carried over from the previous cycle, and the interest rate of the credit card in question is only 11%. For purposes of this example say the card holder only pays $100.00 on their account.
If the two cycle average daily balance is used
, the consumer must average the current balance, as well as the previous balance and take a daily average. One way to look at it is this:
(Previous Balance + Current Balance) Two Billing Cycles * 30 = (Amount Applied to Interest)* APR
Using the above figures for our consumer, and assuming both billing cycles are 30 days in length, we get:
($1000.00 + $500.00) 60 *30 = $750.00.
The consumer would be paying interest on $750.00 instead of the current balance of $500.00. This means a higher interest payment, and it is clear this method favors the creditor.
Average Daily Balance:
This method averages the amount charged for new purchases over the number of days in a particular billing cycle. An example would be if a consumer purchased a chair for $400.00, then the next week purchased a meal for %25.00. If no additional purchases were made during the current billing cycle
, the average daily balance would be $14.17. This should mean that it doesn't matter if you make a purchase on the first or last day of a billing cycle, the amount pain in interest is the same.
The best way to maximize the value of any credit card is to not carry a balance, but of course this is not always possible. Only carry a balance when you must, and then only for as long as absolutely necessary.
China plans to promote TV series that eulogize the nation and national heroes, a move an expert said aimed at facilitating the construction of spiritual civilization and overhauling production of TV plays.
Authorities have released a notice containing 14 rules on the development of TV plays, covering future planning
, script creation, talent cultivation, and support for promotion of quality TV plays in the overseas market, news site xinhuanet reported on Monday.
The notice was jointly released by five government ministries and commissions-the State Administration of Press, Publication, Radio
, Film and Television (SAPPRFT), National Development and Reform Commission, Ministry of Finance, Ministry of Commerce, and Ministry of Human Resource and Social Security.
The notice mentioned that the government will work out a plan for TV plays from 2017 to 2021, pushing a series of excellent works on eulogizing the Communist Party of China
, the country, the people and the national heroes. "Regulators want to enhance people's cultural taste by promoting the reform on the production of TV play," Luo Ping, a media analyst with the Communication University of China, told the Global Times on Monday.
Luo noted that the notice would also help strengthen spiritual civilization, which lags behind the economic development
, and works that reflect the contemporary economic progress would boost national confidence as well as spread positive energy.
The creation of scripts for TV plays should also stick to the socialist core values and more financial support would be given to those focusing on the topics of revolution and history, social reality and rural areas.
The notice also regulates the streaming of TV plays, saying that TV programs of China Central Television and local televisions as well as video sites should arrange streaming of TV plays based on themes of modern times in prime time show, including topics related to history, rural areas, and military. The notice aims to encourage more well-produced TV plays with profound thoughts and excellent art ideas
, enrich people's spiritual and cultural life and support development of China's TV plays, read the notice.
However, the notice has sparked discussions among netizens with many complaining about the poor quality of some aired TV plays, and some worried that the notice would hinder the diversity of TV plays.
It is understandable to hear complaints from the public as the notice would have influence on commercial interests. "But in the long run, the management of the contents of TV plays would benefit the national spiritual civilization," Luo said.
He added that more importance should be attached to creating TV plays which can meet people.
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