3 posts shown.
Thanks a lot for the clarification. I’m no economist, but I can certainly handle basic percentages. 😃 So, if I’m in the red for, say, $33 days, it means they'll charge me $2.25 assuming a 6.40% interest rate.
Hi everyone.
I recently signed up for that student package, which came with a checking account, a savings account, and an Amex card. I’m trying to wrap my head around how the interest works—specifically, what does it mean that I have an approved overdraft of $333 on my checking account? For example, if I dip into my account by $167 for a quick purchase and then pay it back a few days later, how exactly is that interest calculated? It says the rate is 6.40%. Also, regarding the Amex, I know there's a limit of $667 and that the balance is supposedly debited from my checking account on the 9th of every month. Does the Amex carry its own interest if I make a purchase, or does it just pull the total amount from my checking account?
I’d really appreciate some insight here since I’m pretty new to dealing with banks like JPMorgan Chase.
I just signed up for this student banking package at JPMorgan Chase since I don't have much experience dealing with banks yet. I'm curious about how overdrafts work on a checking account—for instance, if I buy something and end up $67 overdrawn, how exactly are those interest charges calculated? Does the same logic apply to an American Express card?