1st of ALL you need to know how the interest is calculated by the BANKs which Many people OVERLOOK!!!
THE INTEREST IS BASE ON THE DATE OF PURCHASING
and YOUR PAYMENT ONLY WILL BE DEDUCT FROM YOUR LATEST PURCHASE
In this case,
In your 10th Bill ( 10 mths after you start to use the card ),
you will be charged an interest of 10 MONTHS for your January Purchase.
The min Payment which are you paying every month, will deduct the Latest Usage amount if any.
Now, Can you understand why the O/S balance of you Credit Card Bill is such.
THE INTEREST IS BASE ON THE DATE OF PURCHASING
and YOUR PAYMENT ONLY WILL BE DEDUCT FROM YOUR LATEST PURCHASE
In this case,
In your 10th Bill ( 10 mths after you start to use the card ),
you will be charged an interest of 10 MONTHS for your January Purchase.
The min Payment which are you paying every month, will deduct the Latest Usage amount if any.
Now, Can you understand why the O/S balance of you Credit Card Bill is such.
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