here how the CC works in most of the bank unless you took in any special offer....
lets say u start with 0 balance with credit balance of 10,000. and your billing cycle is 5th of every month.
in the first month (eg. Jan) you spent 5000, and your cc statement arrives on 5th of Feb to pay 5000 before end of Feb. and also you will note you need to pay atleast ) minimum 250 QR - which is 5% of the outstanding money 5000 QR. if you dont pay even 250, either bank debits it from your account hooked up with CC or add the 250 over 5000 for the next month so is 5250+any amt u will spend during FEB....
if you keep clearing the min amount every month, this means you are actually paying the interest and principle remains the same+late fee fine over that....
My suggestion. clear your CC outstanding every month and calculate your spending. this is how I am able to keep control of my CC. best wishes.
here how the CC works in most of the bank unless you took in any special offer....
lets say u start with 0 balance with credit balance of 10,000. and your billing cycle is 5th of every month.
in the first month (eg. Jan) you spent 5000, and your cc statement arrives on 5th of Feb to pay 5000 before end of Feb. and also you will note you need to pay atleast ) minimum 250 QR - which is 5% of the outstanding money 5000 QR. if you dont pay even 250, either bank debits it from your account hooked up with CC or add the 250 over 5000 for the next month so is 5250+any amt u will spend during FEB....
if you keep clearing the min amount every month, this means you are actually paying the interest and principle remains the same+late fee fine over that....
My suggestion. clear your CC outstanding every month and calculate your spending. this is how I am able to keep control of my CC. best wishes.