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How does Adam's credit card calculate finance charges?

Adam's credit card calculates finance charges using the adjusted balance method and a 30-day billing cycle. The table below shows his use of that credit card over three months. If Adam's credit card has an APR of 14.63%, what is Adam's balance at the end of June? Dennis has a credit card with an APR of 10.14% and a billing cycle of 30 days.

How to calculate finance charge on credit card?

To sum up, the finance charge formula is the following: Finance charge = Carried unpaid balance × Annual Percentage Rate (APR) / 365 × Number of Days in Billing Cycle. How to minimize finance charge on your credit card? The simplest way to reduce the finance charge is to avoid accruing interest on your balance.

How does a credit card finance charge work?

Daily Balance: The credit card issuer calculates the finance charge on each day's balance with the daily interest rate. Adjusted Balance: It subtracts your monthly payment from your opening balance. Since purchases are not included in the balance, this method results in the lowest finance charge.

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