Established Contributor
Posts: 540
Registered: ‎06-07-2008

Need help with finance charge calculation - Wamu.

I have this wamu card 4k limit for couple of months now, 2nd statement will cut next week.

My first month statement was around $600 and this month as of now is $0 but the statement has not yet cut for the second month. PIF and SD it.

I am going to charge (using cheques) around $1500 that I will revolve for 3-4 months (purchasing a LCD Tv for 1.99 APR until April'09)

I am confused if I will be paying any finance charges for the first month If i charge before the second statement cut. The only charge that will be there on the card is the 1.99% one and nothing else.

The reason for confusion is the 2 monthly average billing cycle.

Any Idea?
Regular Contributor
Posts: 120
Registered: ‎11-16-2007

Re: Need help with finance charge calculation - Wamu.

Look at the fine print at the bottom. Usually there is a "Cash Advance Fee of 3% of the amount of each check ($10 minimum), which is a FINANCE CHARGE."  This will be added to your balance.
also: "There is no Grace Period with these checks; finance charges begin the day they are presented to us."

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+