Pay card in full to avoid get­ting bit­ten by sharks

7 Days in Dubai - - DEAR 7 DAYS -

Dear Frus­trated by Fi­nance, ‘Stumped by fi­nance of credit cards’ (Let­ters, March 16), please don't be sur­prised by the bank charges on un­paid out­stand­ing amounts. It’s like be­ing in a pond full of sharks. For ev­ery trans­ac­tion you have on your card, if you do not clear the en­tire amount on the due date, the in­ter­est rate charged is on the en­tire amount ir­re­spec­tive if you have cleared even 99 per cent of the card. A wise thing to do is to check on what date your credit card state­ment is gen­er­ated and to swipe the card on or a day be­fore the state­ment date to avoid any in­ter­est charges if you are not able to clear the card. To way be able to use the card wisely and ben­e­fit from it is to clear the en­tire out­stand­ing amount on the date the pay­ment is due, pay­ing a min­i­mum amount will only add up to the only out­stand­ing amount. Be safe from the hun­gry sharks! Pearl UAE

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