New Dirt

Jerry, just remember, it's not a lie if you believe it!

  • Blog
  • Forums
  • Register
  • About

Re: My Capital One Timeline… (and question)

Home › Forums › Credit Talk › Secured Credit Cards › Capital One › My Capital One Timeline… (and question) › Re: My Capital One Timeline… (and question)

January 28, 2012 at 2:20 pm #2723
fontanaman
Participant

There is no daily interest. Finance charges are applied to each bill that isn’t paid in full. Think of a credit card as a small loan, they let you carry a balance on which they charge interest and they require you to make a minimum payment. For example, let say you have a credit limit of $1000. During the month of February you spend $500, when your bill comes, if you do not pay the $500 in full, you’ll be required to do at least a minimum payment, usually around $10-20. You then will be charged interest on the rest of the balance. Of course if you pay in full, there is no balance and no finance charges. So, pay in full whenever you can.

Regarding your second question, again, think of your credit card as a small loan. If you are given a card with a $1000 limit, you can’t spend more than that. Your card will be declined if you try to use more (and your credit will suffer). At the same time, you can’t pay more than what the actual balance on your card is, that bank will not let you. In fact, sometimes you can’t even pay transactions that are still pending on your account. The bank will not let you do negative transactions as you say, because a credit card is not the same as a debit card. The only option you have in this case (with Capital One), is making an extra security deposit to raise your limit or if you have used your card responsibly wait until you get a limit increase by the bank (Capital One doesn’t give a lot of these though).

Also, when you first get your card, it can take more than a month until you get your first bill/statement. This is normal. As I mentioned before, just remember to always pay on time, even if it’s only the minimum, and don’t max out your card. Paying late will affect your credit, as well as using too much of your available credit.

LOGIN OR REGISTER – FORUMS

Log In
Register Lost Password
  • POST NEW FORUM TOPIC
  • Latest Forum Discussions

    • Are there any arcade machines in your city?
    • What is better?
    • Steps to Login SSM Portal
    • Bạn hiểu gì về ô dù quà tặng?
    • Web3 in Banking – Provide banking service at it ease with secured form.

    Most Recent Articles

    • 4 lines for $100: Why I Switched to Cricket Wireless (Developing Story)
    • Switch Your iPhone from AT&T to Straight Talk in 4 Simple Steps
    • The Best Secured Credit Cards
    • First Savings Account for Kids
    • Phones for Kids Under $200

    Other Pages

    • Wordpress Themes
    • Wordpress Hosting

    [footer_backtotop]

    Copyright © 2023 New Dirt | Credit Forums