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Many people may try to apply personal loan, overdraft credit card, and credit card instalment in order to solve their urgent needs of cash flow. Once the cash flow problem has been solved, some people may want to make an early repayment to save interest expenses. However, making an early repayment may not help you to save money, instead you may need to pay more. Why do extra charges may be incurred when making an early repayment of an instalment plan? What are the myths among public towards credit card repayment? If you want to be smart on credit card repayment, let's take a look on this article for more details on the rules of early repayment and it's calculation method.
It is very common to own a credit card nowadays. Apart from daily expenses, there are still many miscellaneous expenses or instalment repayment required to pay every month, leading to an insufficient cash flow for paying off the credit card bills. Many people are confused with early repayment of instalment plan and credit card bill repayment. What are the myths among public towards credit card repayment? Let focus on 3 types of myths on credit card repayment.
Many people used credit card interest-free instalment plan, if you want to make an early repayment, do you know that you may require to pay the handling fee of the remaining period of instalment plan? Taking Bank A as an example, early repayment may cost you a handling fee for the remaining instalments of the instalment plan (up to a handling fee of 10 months) and an administration fee of $300.
Can you save money by making an early repayment of an instalment plan? Not really! You can save money by making an early repayment only when the amount of interest expenses saved is more than the early repayment charges paid.
How many types of handling fee are involved for early repayment of a credit card instalment plan? If you are planning to make an early repayment, you are advised to check with bank first regarding the total amount involved in early repayment, including the outstanding loan balance, early repayment charges, service charges etc.
Which money lender you should choose when having credit card debt problems? You can apply loan online via Promise website at ease by having a preliminary approval result instantly, funds will then be transferred instantly once the loan application is approved^, no supporting documents are required for applying loans#, repayment period is flexible too. You may able to select the repayment period and amount with flexibility. More importantly, Promise's loans are calculated by daily interest, which means interests will only be calculated till the date when full repayment is made. Promise will not charge any handling fee too. PROMISE is caring for customers; PROMISE is your BEST choice for solving financial difficulties!
How important Personal Credit Rating in daily life is? What is Credit Rating? How to improve or enhance Personal Credit Rating? Take a look on Personal Credit Rating for Dummies at Promise website now for more details....
