Comments on: Best Credit Card Rates http://www.bankaholic.com/credit-cards/best-credit-card-rates/ Compare the Best Credit Card Offers - Credit Cards for Bad Credit, Gasoline Rebate Deals, Instant Approval! Sat, 13 Mar 2010 15:38:24 -0500 http://wordpress.org/?v=2.8.4 hourly 1 By: manfaza http://www.bankaholic.com/credit-cards/best-credit-card-rates/comment-page-1/#comment-1458 manfaza Fri, 12 Dec 2008 02:36:35 +0000 http://www.bankaholic.com/credit-cards/best-credit-card-rates/#comment-1458 Compound interest does not really pose a significant problem for most of the credit cards. Because the compounding effect is dramatic only after APRs of higher value. For example say 20% and more. For most credit cards the APRs are generally 12%-18% and so the compund interest adds up loosely. If you use any credit card with an APR of suppose 33% or so, the debt on the balance amount increase significantly every month and eveyr year. It more than doubles in three years. The compounding is generally considered only for annual basis but if it is monthly and you have suppose 3% or more rate per month then it will add up so much to make you pay all of the salary. Compound interest does not really pose a significant problem for most of the credit cards. Because the compounding effect is dramatic only after APRs of higher value. For example say 20% and more. For most credit cards the APRs are generally 12%-18% and so the compund interest adds up loosely.

If you use any credit card with an APR of suppose 33% or so, the debt on the balance amount increase significantly every month and eveyr year. It more than doubles in three years. The compounding is generally considered only for annual basis but if it is monthly and you have suppose 3% or more rate per month then it will add up so much to make you pay all of the salary.

]]> By: manfaza http://www.bankaholic.com/credit-cards/best-credit-card-rates/comment-page-1/#comment-1457 manfaza Fri, 12 Dec 2008 02:36:01 +0000 http://www.bankaholic.com/credit-cards/best-credit-card-rates/#comment-1457 Where did hte Chase cards go? DIdn't you used to have Chase cards? Where did hte Chase cards go? DIdn’t you used to have Chase cards?

]]> By: gkr http://www.bankaholic.com/credit-cards/best-credit-card-rates/comment-page-1/#comment-46 gkr Wed, 15 Aug 2007 14:07:08 +0000 http://www.bankaholic.com/credit-cards/best-credit-card-rates/#comment-46 Compound interest does not really pose a significant problem for most of the credit cards. Because the compounding effect is dramatic only after APRs of higher value. For example say 20% and more. For most credit cards the APRs are generally 12%-18% and so the compund interest adds up loosely. If you use any credit card with an APR of suppose 33% or so, the debt on the balance amount increase significantly every month and eveyr year. It more than doubles in three years. The compounding is generally considered only for annual basis but if it is monthly and you have suppose 3% or more rate per month then it will add up so much to make you pay all of the salary. Compound interest does not really pose a significant problem for most of the credit cards. Because the compounding effect is dramatic only after APRs of higher value. For example say 20% and more. For most credit cards the APRs are generally 12%-18% and so the compund interest adds up loosely.

If you use any credit card with an APR of suppose 33% or so, the debt on the balance amount increase significantly every month and eveyr year. It more than doubles in three years. The compounding is generally considered only for annual basis but if it is monthly and you have suppose 3% or more rate per month then it will add up so much to make you pay all of the salary.

]]> By: James http://www.bankaholic.com/credit-cards/best-credit-card-rates/comment-page-1/#comment-25 James Sat, 28 Jul 2007 10:49:36 +0000 http://www.bankaholic.com/credit-cards/best-credit-card-rates/#comment-25 "The interest rate charged by a credit card is perhaps the most important concept to understand." I agree totally! The concept of compound interest is extremely important. If you carry over a balance you are not simply renting the money, but you are also renting the money you rent. Compound interest adds up. It really shocks me how few adults understand compound interest. To see how important interest rates are, there's a simple rule known as the rule of 72. Basically you divide the interest rate into 72 to see how long it will take for the debt to grow. If you are being charged at 12% your debt will double every 6 years (72/12=6). A 4% increase to 16% means that it doubles every 4.5 years. “The interest rate charged by a credit card is perhaps the most important concept to understand.” I agree totally!

The concept of compound interest is extremely important. If you carry over a balance you are not simply renting the money, but you are also renting the money you rent. Compound interest adds up. It really shocks me how few adults understand compound interest.

To see how important interest rates are, there’s a simple rule known as the rule of 72. Basically you divide the interest rate into 72 to see how long it will take for the debt to grow. If you are being charged at 12% your debt will double every 6 years (72/12=6). A 4% increase to 16% means that it doubles every 4.5 years.

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