Question about my credit card and int rate?

if i buy something for $100, and the int rate is at 21.1%, does that mean i will get a bill for $121.1 on the first month?

how does it work? is the 21% a one time payment, or does it keep adding every month if i only pay the min.

$100 is just an ex. I am buying something for 500.

Question about my credit card and int rate?

21.1% is the annual rate. Divide by 12 to find the monthly rate (which does keep adding every month).

Question about my credit card and int rate?

Do the math. I do not think you should even consider a credit card being this misinformed.

Question about my credit card and int rate?

The 21.1 is an annual rate. Your monthly rate will be somewhere around 1.8%. If you buy something that costs $500 on the first day of your bill cycle and the card does not have a 30 day grace period, your first bill will show a balance of around $509. If you pay the minimum (around $16) the second bill will be around 502. You can see why it%26#039;s bad to pay the minimum because you paid 16 and the balance only goes down 7 the next month.

Question about my credit card and int rate?

21.1% APR = 21.1% Annual Percentage Rate. That means that the $100 would accrue $21.10 over a YEAR.

Check out these calculators for more information about credit card interest, payments, etc.

Question about my credit card and int rate?

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Question about my credit card and int rate?

Find another card. 21% is out of line in today%26#039;s market. Find one tied to the Federal Reserve rate at a credit union. Ours is currently less than 8% APR.