Credit Cards and Credit Lines

Paying the monthly minimum will always keep you in good standing with your credit card companies.  But, for those who only pay that amount read on…

In most cases when you pay the minimum, from my calculations most of that is only covering the interest for the month.  Just a few dollars are being applied to the principal.  If you pay just one day late you will get hit with their late fee, Which is normally around $29 to 49 depending on which bank it is.  So in essence, if you were late, your minimum payment only paid the late fee.

Before you apply for a credit card make sure you review all of their fees.  If you do not agree with them don’t apply for it.