Bank of America
Question
Credit card problem?
So like I have an 18% card right. So what I'm trying to understand is how the bank charges me for that 18%. Like say I buy something on credit card for $40. Do they charge me the 18% at the end of the month or per purchase? I'm new to this and have no idea. O and if you have any heads up please tell. I already know not to lose it and don’t never over charge. Also don’t give out the number on the card and pay you’re bills on time. Anymore I should know please tell. Thanks. It's Bank of America.
3 years ago - 2 answers
Best Answer
Chosen by Asker
You should have recieved a copy of the terms of agreement when you recieved the card. This will explain how all charges are calculated...if you don't have the agreement go to the banks website & you will find an online version that is up to date just in case the agreement has been revised since you obtained it.
by D T
3 years ago
Asker's Rating: 
Other Answers
They charge you once per billing cycle (normally 29 days or so) on your balance at the close of the cycle. The 18% is an annual figure - you don't get charged 18% monthly. It's a fraction of that. If you pay your balance in full every month, you will never be charged interest. If you do not, you can end up paying interest on top of interest, which is how people get into credit card debt (that, and not being able to actually afford what they're charging).
by Mr. Knowitall- 3 years ago