Credit Card: Questions And Answers. Part 3
What will be if a debt settlement deadline drops out on a holiday, for example?
If, it isn’t the working day it is necessary for you to pay indebtedness for the credit not later than last working day.
What will occur, if I can’t pay indebtedness for a credit card in time?
In this case, banks levy from you a penal payment for late payment (Late Fees), the size which depends on company conditions (usual from $5 to $15).
What is the preferential (reporting) period of crediting (Grace Period)?
The grace period is an interval of time, more often from twenty about twenty five days during which it is possible to pay the balance sheet on a credit card without payment of percent. But action of this condition will depend on a method of calculation of the balance sheet.
Under the law, the credit company should send the monthly status report of the account on a credit card, not less than fourteen days prior to payment fixed term.
Also keep in mind that the grace period doesn’t extend on cash withdrawal of money from the card. Percent are charged since that moment when cash has appeared in your hands!
For what the preferential (reporting) period of crediting is necessary?
It is convenient in a situation when additional means are necessary for payment of your expenses, both planned, and unexpected. Actually, the credit card holder has an opportunity to spend bank money as its own, without bearing thus any additional expenditures.
How to repay indebtedness on a credit card, to receive a grace period?
It is necessary to extinguish completely an outstanding amount specified in the account, not later than the date of monthly payment also specified in this statement.
But, don’t forget that you can not receive exemption from payment of percent even if have paid the balance sheet completely and in due time.
If I have extinguished only an indebtedness part – whether I can use a crediting grace period next month?
Yes, if completely will extinguish an outstanding amount specified in the statement, next month. In this case the crediting grace period will extend only on those operations which have been made in corresponding month.
Whether bonus points on operation on cash withdrawal are charged?
No. On operations on cash withdrawal bonus points aren’t charged.
Whether there are any restrictions on cash withdrawal of means on a credit card?
As, a basic purpose of credit cards is the cashless merchandise payment and services of the credit companies, for the cash withdrawal sum there are usually establish limits.
On cash withdrawal on the card, it is possible to learn a limit from company conditions.
Whether there can be on a credit card a positive balance sheet?
Yes, on some credit cards it can be. It is possible to get not only “in a minus”, using a credit limit, but also “in plus”.
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