Fincrew Credit Card Repayment Calculator
How well you use your credit cards can make a difference in your financial life. It always pays to have a great tool like the FinCrew credit card repayment calculator at your disposal. With it, you have all the information you need to make your credit card payments in a way that doesn’t inconvenience you excessively. To leverage our credit card repayment calculator to the fullest, here are a few things you need to know.
Credit Cards In Malaysia – Everything You Need To Know
A credit card is a plastic you receive from credit card issuers, businesses, banks, or other financial institutions. You’re permitted to make purchases and withdrawals on credit with this tool. Because of this, you were getting a credit card is the same thing as taking on an unsecured loan. All credit cards come with a cap referred to as a credit limit. Once you exceed the stipulated value, you’ll not be allowed to make any more withdrawals. However, in cases where you can make withdrawals, you’ll have to pay a credit limit fee if you want to continue. At the end of each month, an individual may opt to repay all the credit card interest rates plus the loan at once or leave an unpaid card balance. Should they choose the latter option when making their monthly payment, it will charge a specific interest rate on that due balance until paid. Remember that credit card interest rates are considerably high compared to other financial responsibilities like student loans or auto loans. Because of this, it’s always a good idea to repay them as soon as you can, or the interest rates can quickly accrue. You can use our credit card repayment calculator to determine how much interest you can expect to pay on your current card.
Credit Card Annual Percentage Rate (APR)
Different credit card issuers charge different interest rates. The annual percentage rate, known as APR, is the referred interest rate to a card issuer. It is why most financial advisors encourage Malaysians to take the time to explore what each issuer is offering before settling for any one deal. The reason for that is that when you make a proper comparison, you can find the credit card with the most acceptable terms and conditions for you. This comparison process used to be a difficult and lengthy one in the past. However, with great products and services like the FinCrew credit card comparison tool, you can break down all that various credit card companies offer and analyze it in mere minutes. You can see more on all you can do with this comparison tool here. While APRs of credit cards may differ, it’s used based on factors like fixed APR or specific indexes. Some cards may even offer zero (0) introductory APR to some individuals at first.
Cash Advances
A credit card user can withdraw funds from their credit card as physical cash. Individuals who leverage this ability are said to be using cash advances. Although using a cash advance can be a lifesaver, it isn’t always advisable to use this option, depending on the circumstance. The primary reason for that is because the interest rate on cash advances tends to be steep and accumulate fast as it has no grace period. In addition to all of these factors, even the ATM you use will charge a fee, further racking up the expenses of using cash advances. It should only be the last resort, if at all.
Balance Transfers
If you have a revolving credit month-to-month, you can quickly transfer the outstanding balance from one credit card to another, mainly if you’ve found a much more favourable credit card. Ultimately, how well you can manage your loans in this area depends on your ability to correctly calculate and pay back what you owe. So, don’t leave yourself in the dark.
