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The True Cost of Credit
If you do not pay off your credit card balance every month, the interest assessed on your account means you may be paying more than you expect. And if you spend beyond your means, the resulting interest and debt can become significant. See how much extra you might pay on a HK$1,000 credit card purchase with varying interest rates:
| Total Purchase Amount This is the balance due on your credit card. |
HK$1,000 |
HK$1,000 |
HK$1,000 |
| Credit Card APR This is the annual interest rate on your credit card. |
10% |
15% |
25% |
| Monthly Payment This includes paying just the minimum monthly payment, calculated in this example as HK$40. |
HK$40 |
HK$40 |
HK$40 |
| Number of Months to Pay Off Purchase Amount This is how long it will take you to pay off the entire balance. |
29 |
31 |
36 |
| Total Finance Charge This is the total amount of money you will pay just in interest. |
HK$126 |
HK$207 |
HK$427 |
| Total Cost This is the final amount you will pay for your purchase. |
HK$1,126 |
HK$1,207 |
HK$1,427 |
