Community Discussions
Explore the latest discussions and community conversations related to this domain.
ELI5: How credit cards work?
Main Post: ELI5: How credit cards work?
Top Comment: Card issuer has entered into an agreement with you to extend you short term credit. When you go to make a purchase, the cash register contacts your card issuer to confirm that you have available credit, and if you do, your card issuer pays the business on your behalf. Once a month you receive a statement from your card issuer showing all the money you've spent that month. You can either pay it off in full for no interest, or you can make a partial payment and then you owe them interest on any outstanding balance. The card issuer makes money by charging businesses for the "convenience" of allowing credit card transactions, and also by charging people interest if they carry a balance. The interest rates are very very high. If you are responsible and pay your bill and don't carry a balance, it's beneficial to you because you can plan your cashflow and you usually get some sort of reward for using the card. But if you carry a balance, credit card debt is a very good way to take a one-way trip to the poorhouse.
How do credit cards, minimum payments, and interest work? - Personal Finance & Money Stack Exchange
Main Post: How do credit cards, minimum payments, and interest work? - Personal Finance & Money Stack Exchange
How do credit cards work?
Main Post:
Edit: SOLVED, THANK YOU GUYS.
So I'm moving away from chase. I'm thinking of opening a bellco checking and savings account today but I've never had a credit card. What I'm wondering is if I can get a discover card with my bellco accounts or would I need a discover checking? And does bellco have good credit cards?
I plan to pay off my balance in full every month, I don't believe in spending what you don't have.
Sorry if I'm not making any sense, I've had my accounts co owned with my parents my whole life and only ever used debit or cash but after a little fiasco with them questioning my spending I've decided to move away from that and while discover seems to be great I would like to have a brick and mortar location to go into and lots of my friends use bellco.
Any help, recommendations, or information would be great, thank you.
Top Comment:
Credit Cards don't necessarily need to be issued by the bank you have a checking/savings account. Some banks may not even have a credit card service.
But a credit card when used means you are borrowing money and agree to pay it back on time.
You can pay it all back at once or pay it in smaller payments every month but please don't do the smaller minimum payment option because they'll add interest to what you owe meaning you'll owe more money than what you actually borrowed.
So if you ever use a credit card. ALWAYS pay it back in full right away.
Does Counterfeit Copies works on FLEETING cards? (like Sentinel's Hoard, Unstoppable Force,..)
Main Post:
Does Counterfeit Copies works on FLEETING cards? (like Sentinel's Hoard, Unstoppable Force,..)
Thank you :)
Top Comment:
Yes, Counterfeit Copies works on Fleeting cards. Next time you draw them they will still be Fleeting, though.
Does Size , Racial or elemental cards works on Magic?
Main Post:
I am a High wiz and wants to get my damage to be better. any card that can help me on this?
Top Comment:
Racial/Boss - yes
Size/Elemental - no
Character cards are the only thing that works now?
Main Post:
Came back after a few days away. Tried to load up a convo with a character only to get errors. Been trying different things. Most of my characters are json and accompanying image png, though I have one character card png. The card works fine, but the json ones just error out. Using the colab.
Top Comment: Came back after a few days away. Tried to load up a convo with a character only to get errors. Been trying different things. Most of my characters are json and accompanying image png, though I have one character card png. The card works fine, but the json ones just error out.
I finally understand how credit card interest works
Main Post:
EDIT: To clarify, the math I'm describing below is ONLY if you have revolving credit (i.e. carrying a balance for more than 1 statement). If you've never carried a balance, DPR doesn't apply. To emphasize, the scenario I'm describing: when you finally get out of credit card debt, the following statement will still show an interest charge due to DPR. Your grace period privileges (i.e. not paying daily interest on new purchases) gets reinstated afterwards.
This is kind of embarrassing but I'm sure this bit of information will help at least 1 other redditor in this sub:
Ever wonder why you still get charged interest after "paying off" a credit card by the due date?
That's because your TOTAL CARD BALANCE (not just the statement balance) is accruing interest compounded daily from the day your statement comes out until you either pay the full statement balance off OR until the due date, whichever comes first.
Your Daily Percentage Rate (DPR) is your Annual Percentage Rate (APR) divided by 365.
DPR = APR / 365
Here's an example to illustrate:
Let's say you've had a revolving balance of $1,000 @ 28% APR when your statement comes out on January 5th and your due date is February 1st.
DPR = 0.28/365 = 0.000767 (or 0.0767%)
If your balance stays at $1,000 until you pay it off on January 25th (i.e. you do not purchase on the card), you've accumulated (approximately) this much interest in those 20 days:
Interested Accrued = 1000*0.000767*20 = ~$15.34
If your balance stays at $1,000 until you pay it off on February 1st (i.e. you do not purchase on the card), you've accumulated (approximately) this much interest in those 28 days:
Interested Accrued = 1000*0.000767*20 = ~$21.48
Remember: interest is compounded daily.
The amount of interest you accrue on a daily basis is based on the total balance on the card on that day--NOT just the statement balance. Meaning two (2) things:
- The interest you accumulated today gets added to your total card balance. So, when interest is calculated tomorrow, it includes the interest that got added from today.
- January 5th: $1000*0.000767 = $0.76 added
- January 6th: $1000.76*0.000767 = $0.76 added
- If you keep making purchases on your credit card before you've paid off your statement balance, your total card balance is high, making your daily accrued interest high.
- January 5th: $1000*0.000767 = $0.76 added + $35 doordash = $1,035.76 total ending balance
- January 6th: $1035.76*.000767 = $0.79 added
*Seemingly negligible difference in daily accrual when your balance is relatively low; detrimental when your balance is high ($15k+)
Hope this helps someone! Happy Debt-free Journey!
Top Comment:
Something seems off here. I pay the statement balance (not the total balance) by the due date and never pay a cent of interest.
Loving this deck when it works, if it doesn’t I retreat if they snap,if I discard hela or I don’t draw hela by turn 6. Anything you’d change? Still missing a lot of pool 3.
Main Post: Loving this deck when it works, if it doesn’t I retreat if they snap,if I discard hela or I don’t draw hela by turn 6. Anything you’d change? Still missing a lot of pool 3.
Top Comment:
That's a lot of sixes
My SD card works, and maybe yours can too!
Main Post:
Let’s hope I can help people out
My SD card is a teamgroup 1tb A2 if arhat of importance cause the cards that been failing are Sandisk and Silicon Power sd cards
Instead of using the stock 30w turbo mode and cooking your sd card
Set a custom 30w mode with a more aggressive fan curve to keep the temps down I did this and my highest temps at 30w is 75°C with plenty of headroom for the fans to keep it cooler my fans only go up 70% max (my settings I have posted if you look down my profile) I’ve had zero issues playing with my SD card plugged in and after 2 hours of playing I can still touch the Ally with no uncomfortable heat
Plus why would you want your APU to boost up to 53W if it’s only for 2 minutes? Just seems useless
Top Comment:
I changed the fan curve on mine and so far haven’t had any SD card issues
Need help in knowing how the drive works
Main Post:
I want to know if there’s a way to remove the drive card from my name? Like equip it & unequip? As I can’t seem to find where it is if you can unequip it.
Top Comment: You can toggle it off in the settings but that disables it on every name not just yours