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short_n_sweet70301 | I have a quick question about a credit card? |
ok, lets say you have a credit card with 500 dollars on it, then you spend 100 dollars, you pay back the whole 100 dollars to the credit card company....so do you have the 100 dollars back in your account? or do you now have only 400??? i dont understand how it works...i mean does the money go back inyour account or you just max out the card then thats the end of it???? |
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Mariska
 |
* Well Miss Short 'n Sweet, my advise is you better don't even start to THINK about getting a credit card |
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Craig H
 |
You never have actual money in your credit card account - they just give you a limit of much money they're willing to lend you (in this case $500). The limit is based on things like your income and debts, and your ability to repay the money you borrow, so the same $500 limit will keep on applying until something like your income changes. You can borrow, repay, and re-borrow that amount as much as you like, provided you don't exceed your limit, and you keep on paying your monthly bills.
So to answer your question, you still have $500 available after you paid back what you borrowed from the credit card company. |
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Turbo Baby
 |
Do you mean you have a $500.00 balance or a $500.00 Credit Limit |
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unknown friend
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If you owe $500 on your credit card then spend $100, you then owe $600, if you then pay back $100 you then own $500, and the interest on the outstanding $400 for the initial $500 debt will accrue from the date it was originally due where as the $100 additional debt you put on it will be charged interest as of the date you put that purchase on it.
So for ex.... if you owe $500 January
Spend another $100 in Feb
Pay in $100 in March
The $100 you paid goes against January's debt to lower it to $400 with will be charging interest from January to March and the add'l $100 you spent in Feb. will be accruing interest from Feb to March.
The interest is charged on the outstanding debt from the date it is accrued, that's how it builds up.
If you only have a $500 limit you will be at your limit again as of March when you pay back the $100.
I hope is is found self explanitory. |
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Bad Dooggie
 |
First of all, the company doesn't give you any money. They extend you credit for your purchases. No actual cash goes to your account.
When you purchase an item from a vendor with your card, real money from the credit card company goes to the vendor, and you then owe the card company.. which you have to pay back with interest (the card companies do not do this for free you know).
If you have "a credit card with 500 dollars on it" as you say, this means that your card company can extend to you credit of 500 dollars. You can then make purchases up to 500 dollars total. If you purchase something worth 100 dollars, then you have to pay the card company back 100 dollars plus the monthly interest rate (say 3% interest monthly.. depending where you live in the world), which means you need to pay back 103 dollars when you get your statement. |
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pleadship
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when you spend not only do you owe that much back but now you have interest to pay so the quicker you pay it back the less you owe on interest. So its like a loan with interest. You pay the interest but its best to pay more than the minumum. |
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r2mm
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What do you mean by "500 on it"? If you have a prepaid card, in which you sent the company $500 to get the card, then you charged $100, you would have $400 available until you paid the $100. Then you would have $500 available again.
If you mean you have a credit limit of $500, it would work the same way. Charging $100 leaves a credit limit available of $400 until you pay the $100. Then the available credit limit goes back to $500.
If you mean you charged $500, then charged another $100, then paid $100, you would still owe the $500 (plus interest) to the credit card company. |
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madison t
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The 100 dollars will go back on to your credit card limit and may be you should not use the card until you understand how it works to stop your self from getting into trouble. |
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Lawnmower
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If you spend $100 of your $500 credit limit, then you only have $400 to spend UNTIL you pay back the $100 you spent. So, if you have paid the $100 back, then you credit limit will go back to $500. |
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Fire Side Water Side
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When you pay back the $100, you then have that $100 to use again. Your available credit goes back to $500. When you make payments, you are making those funds available again. |
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rachel
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it's not a last-in, first-out, kind of system
500 + 100= 600 if you pay off 100, you still owe 500, but the way they take it off is your 100 will go to the origianl 500 owed, so you still owe 500 total, it'll just be billed
500
-100 payment
+100 charge
=500 still owed |
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