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Credit Cards (in the US)
Nephasth:
--- Quote from: HarumaN on March 15, 2011, 02:47:14 pm ---I know the laws regarding credit cards has changed recently, and am not sure how they work anymore.
I have a card that has a balance at 0% APR (it was a transfer). If I currently make a purchase on that card, it will be at the normal 7.99% APR.
So, if I make a purchase (@7.99%) and still have some of the zero APR balance on there, and go to make a payment, which gets paid first?
--- End quote ---
More than likely your 0% APR is a promotional rate for so long (6 months, a year, maybe more). After the promotion is over the interest rate would go up on your balance transfer. And if it's a crappy enough credit card company, they may even prorate interest if the balance transfer wasn't paid in full by the end of the promotion. Leaving you to pay interest on ALL of the original balance transfered. As far as purchases, your payments would go towards your purchases first. The credit card company wants you to go over your promotional period of your balance transfer so they can at least make some money off of you from that "deal." I would recommend not making any purchases on that card until your balance transfer is paid off.
HaRuMaN:
--- Quote from: pinballjim on March 19, 2011, 10:39:54 am ---He probably also paid a balance transfer fee, and if you do the math, you "paid the interest" anyway.
--- End quote ---
No balance transfer fee, it's a credit union credit card, with good policies and good APR.
Samstag:
--- Quote from: Fordman on March 19, 2011, 09:38:44 am ---I dont understand the gold market when our currency is backed by our gold.
--- End quote ---
The dollar hasn't been backed by gold in decades. It's backed by empty promises and wishful thinking nowadays.
Hoopz:
http://en.wikipedia.org/wiki/Fiat_money
And I believe that Nixon took the US off of the gold standard.
Hoopz:
--- Quote from: Samstag on March 19, 2011, 07:39:40 pm ---
--- Quote from: Fordman on March 19, 2011, 09:38:44 am ---I dont understand the gold market when our currency is backed by our gold.
--- End quote ---
The dollar hasn't been backed by gold in decades. It's backed by empty promises and wishful thinking nowadays.
--- End quote ---
Technically, it's back by the US Treasuries that are sold on a regular basis. So, technically, the dollar is backed by China. As the US has never (yet) defaulted on a Treasury, Treasuries (bills, notes, and bonds) are still considered risk free investments.
For now.... :o
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