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Need help with finance charge calculation - Wamu.

Established Contributor

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?
Message 1 of 2
Regular Contributor

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."
Message 2 of 2