Understanding 28 Degrees Finance Charges
The 28 Degrees Platinum Mastercard, issued by Latitude Financial Services, is known for its travel-friendly features, particularly its lack of foreign transaction fees. However, like all credit cards, it’s crucial to understand the finance charges to avoid unnecessary costs.
Purchase Rate and Interest-Free Days
The primary finance charge is the interest rate applied to outstanding balances after the interest-free period. 28 Degrees offers a period where purchases, if paid in full by the due date, incur no interest. The length of this interest-free period typically ranges from 25 to 55 days, depending on the billing cycle and when the purchase was made. It’s essential to check your statement to confirm the exact due date and avoid accruing interest.
The purchase rate, the annual percentage rate (APR) applied to purchases after the interest-free period, is a key factor. This rate is variable and can change over time, so it’s wise to monitor your card agreement for any updates. Carrying a balance from month to month, even a small one, will trigger interest charges on both the unpaid amount and potentially new purchases.
Cash Advances and Their Associated Costs
Cash advances are a way to borrow cash using your credit card. However, 28 Degrees, like most cards, treats cash advances differently than purchases. They typically come with a higher interest rate than the purchase rate, and interest accrues from the day the cash advance is taken. There is also usually no interest-free period for cash advances. Additionally, a cash advance fee, a percentage of the amount borrowed, is typically charged. Cash advances should generally be avoided due to their high costs.
Late Payment Fees and Over-Limit Fees
Late payments are a costly pitfall. Missing the payment due date, even by a day, can trigger a late payment fee. This fee is usually a fixed amount and can significantly impact your budget. Furthermore, late payments can negatively affect your credit score. While over-limit fees used to be common, these are less frequently charged now, but it is still possible to be charged a fee if you specifically authorize the card company to allow transactions that take you over your limit. Staying within your credit limit is always the best practice.
Minimizing Finance Charges
The best way to avoid finance charges is to pay your balance in full each month before the due date. If this is not possible, consider making more than the minimum payment to reduce the outstanding balance and minimize the accrued interest. Be mindful of cash advances and avoid them whenever possible. Set up payment reminders to avoid late payment fees and keep your credit utilization low. By understanding and managing your 28 Degrees finance charges, you can maximize the benefits of the card while avoiding unnecessary expenses.
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