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Regina pays her credit card balance in full each month. Last month her average daily balance was $345 and the APR is 11. 2%. What is the finance charge on her current month’s statement?



Answer :

The finance charge on her current month’s statement is $13.22.

What is a credit balance?

  • Your card issuer owes you money, which appears as a credit balance on your billing statement.
  • With each payment you make, credits are added to your account.
  • Returning something you purchased with a credit card may result in an additional credit being added.

There is no finance fee when a customer pays off their credit card debt in full each month, so your response is untrue.

Prior to the previous month's balance not being fully paid off, interest is not added to a credit card account.

Learn more about credit balance .

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