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Introducing the Credit Card

Do credit cards have fees?

The card has an APR of 13%, as well as a $10 late fee and a 2% minimum payment plus interest.

Interest:

  • .13/12 months = .01083% interest for the month
  • .01083 x $1,500 = $16.25

Minimum Payment:

  • .02 x $1,500 = $30
  • For this card, the minimum payment will be 2% of the balance + the interest + the late fee.
  • $30 + $16.25 + $10 = $56.25
  • You would at least need to pay $56.25 to keep your account in good standing.

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