Did you know that the minimum monthly repayment demanded by the credit card issuers do not even cover the interest charged? Many banks lower the minimum repayment to below the interest charged so that interest gets charged on interest.
If you are late by one day in making a credit card repayment, interest could be charged back to the date of purchase, negating any interest free days. That can apply even if a partial payment is made. If you don’t pay your credit card bill in full and on time, your next interest free period may be taken away.
If you need help budgeting, managing debt or need a debt consolidation loan, speak to one of the financial planners at Intellichoice for further assistance. Call +61 7 3624 1900 for more details.
