QUOTE(hihihehe @ May 1 2010, 04:01 PM)
thanks for the reply ..but i stil lget a bit confuse
below is the rates and fees for the credit card i want:
Interest rates
The interest rate for the Student card is 19.74% p.a. on purchases and 21.24% p.a. on cash advances.
Fees & charges
$0 Annual Fee for the duration of studies, for students with a Streamline account with Student Options.
Other charges may be payable.
Balance transfer
Once approved transfer the balance of any Australian-issued credit card or store card to your Student credit card. You'll have just one bill to manage each month and pay just 5.99% p.a. on balance transfers for the first 5 months.
Interest-free period
Up to 55 days interest free on purchases. The interest-free period also applies to most bill payments. It does not apply to cash withdrawals.so for example if i buy an item that cost AUD$600 and i think I think I will finish settle it within 6 months.so what is total cost if i settle the payment in 6 months?
sorry i am totally noob in credit card and dun understand about the interest works
Check here if this explanation is good enough for you.
http://www.commbank.com.au/personal/credit...estiscalculated» Click to show Spoiler - click again to hide... «
How interest is calculated
If your card provides you with an interest free period, and you pay the balance in full by the payment due date, you will pay no interest (unless you have done a cash advance or carry an outstanding balance). Interest will be charged if you do not pay the full balance by the due date.
Interest is calculated at the end of the statement period, and then charged to your account on the last day of each statement period. We start by working out the average daily balance (ADB) outstanding over the statement period.
Then we calculate the 'daily rate'. We work this out by dividing each annual percentage rate (APR) applying to your card (e.g. standard rate or balance transfer rate) by 365. We then multiply the ADB by the daily rate. Finally, this number is then multiplied by the number of days in the statement period.
Example:
Your statement date is 5th of every month, you buy an item for $600 on 6th of May. Assuming you pay on last day of due date (4th of every month).
Month Balance Usage Interest Payment Due
May 000.00 000.00 000.00 000.00 000.00
June 000.00 600.00 000.00 100.00 500.00
July 500.00 000.00 016.51 100.00 416.51 (extra interest charged for $600 from 6th May till 4th June as not settle in full)
Aug 416.51 000.00 006.36 100.00 322.88
Sept 322.88 000.00 004.77 100.00 227.65
Oct 227.65 000.00 003.48 100.00 131.13
Nov 131.13 000.00 001.94 100.00 033.07
You are paying about $33 for interest. Just rough figure for your estimation
QUOTE(hihihehe @ May 1 2010, 04:29 PM)
is it?i thought you guys can know the rules by looking at the rates and fees :/
so if i apply for credit card which is $0 annual fee in my duration of studies and i never use it,i wont get charge anything from bank right?
Bro, annual fee has nothing to do with interest. Annual fee is like membership fee.
May 1 2010, 03:51 PM
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