Re:Apple announces Apple Card credit card
by ineedasername on Monday March 25, 2019 @04:04PM
(#19486251)
In the US at least, banks are strongly encouraged (by law) to have a minimum fee that prevents the borrower from increasing the principal owed through cumulative interest (negative amortization). If the minimum payment might do this, the bank is required to disclose it to the borrower.
Basically it means that borrowers should at least be paying off the interest incurred on the principal owed at the beginning of the billing period.
Basically it means that borrowers should at least be paying off the interest incurred on the principal owed at the beginning of the billing period.