How is the finance charge figured on Guest Rewards Charge

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Larry H.

Conductor
Joined
Dec 22, 2006
Messages
1,045
Hi,

Been interested in the Guest Rewards Credit Card.. My mom went ahead and got one which came yesterday.. Does anyone understand how the finance charge is handled.. It appears to say on a daily basis. Does that mean you pay a finance fee even if you pay the card off. If thats the case I think hers is about to go back?

Say that is the case.. What would a 200.00 balance cost you if you paid it off. If so is that worth it?

Larry
 
Hi,
Been interested in the Guest Rewards Credit Card.. My mom went ahead and got one which came yesterday.. Does anyone understand how the finance charge is handled.. It appears to say on a daily basis. Does that mean you pay a finance fee even if you pay the card off. If thats the case I think hers is about to go back?

Say that is the case.. What would a 200.00 balance cost you if you paid it off. If so is that worth it?

Larry
If you pay your balance in full on or before the stated payment date, there is no finance charge. The finance charge starts as soon as you carry a balance from one billing cycle to the next and continues until you pay in full. So, with your example, if you charge $200, get a bill for the $200, and then pay the $200 before the due date, the finance charge is zero. But if you pay $50 and carry $150 to the next month, then finance charges kick in.

One exception is a cash advance. If you use the card at an ATM or you use a "convenience check" to get cash or buy something with the check, then finance charges for that cash advance accrue immediately.
 
Thanks for the reply, I feel better now.. I will inform her and we will both begin building some points soon.
 
Wow, 17.24%. The MBNA Amtrak card was fixed at 7.9%, as are the grandfathered and converted AGR card accounts that BofA now controls...
 
My card was never at 7.9%, and BofA has notified that rates will be going up next year....
 
Okay, I guess it depends on the account. If I remember correctly, there were two Amtrak rates - 7.9 and 9.9 (right?)
 
I can't recall exactly, but I think it was more like 9.9 and 12.9%.

I've only carried a balance on that card once or twice, so I don't really know what the interest rate is anyway....
 
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