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Credit Cards

What is a “daily periodic rate?”

A daily periodic interest rate is calculated by dividing the annual percentage rate (APR) by either 360 or 365, depending on the card issuer. The resulting daily periodic interest rate is then used to calculate interest by multiplying the rate ...

Credit Cards

I transferred a balance at a zero percent rate and have been paying the minimum amount due each month. I made a purchase and was charged interest on the purchase. How can that be?

Card issuers have different rules about when they charge interest. For most issuers, if you carry a balance month to month, any purchases you make will accrue interest from the date of the transaction. This is true even if the ...

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