Types Of Credit Cards In Malaysia

Credit cards in Malaysia can be categorised into six broad categories. The right card for you depends largely on your spending habits and your attitude to debt.

Cashback

The concept of a cashback card is simple – for every Ringgit you spent, you receive a percentage back in cash at the end of every month or quarter. The cashback (or rebate) percentage varies from card to card and is normally between 0.5% and 3% (although some cards offer up to 20% in rebates).

Should you get one?

They typically have high-interest rates. Most of them have in place a cap (or maximum limits) on rebates. However, if you’re generally a large spender and are always able to pay off your card balance in full, a cashback card could help you earn money back on your spending.

Rewards

Rewards cards let you earn reward points when you spend. These reward points can then be used to redeem a wide range of goods and services. Typically, you earn one reward point for every Ringgit spent on your card.

Should you get one?

Using a rewards card could be a great way of saving money, as most rewards card issuers do not set a cap or maximum limit on the number of reward points you can earn. By using this card on your everyday purchases (and big-ticket items like flight tickets), you can potentially rack up many points without much effort.

Petrol 

Petrol cards are designed specifically for people who spend a lot of time on the road. These cards normally come with great petrol benefits, including rebates or cashback on fuel, as well as discounts at petrol stations.

Should you get one?

If you spend a significant amount of money on petrol each month, having a petrol card could potentially save you a lot of money in the long term.

Travel 

Travel cards are reward-based cards which allow you to earn points or air miles from different frequent flyer programmes when used for purchases. Some also offer discounts on travel packages or flight tickets.

Should you get one?

If you’re a frequent traveller, and already are a member of a frequent flyer or travel loyalty programme (e.g. Enrich, Krisflyer or AirAsia), having one may be a good way to speed up the accumulation of loyalty points.

Premium

Premium cards offer cardholders premium benefits like concierge service, dining and golf privileges, lounge access and more. These cards normally have a much higher minimum income requirement (some may even be invitation-only cards), but they also come with a much larger credit limit.

Should you get one?

Having a premium card will no doubt bring many premium benefits and privileges, like discounts at your favourite five-star restaurant, however, they can also cost a lot of money. Premium cards often charge annual fees in the hundreds of ringgit, although standard annual fee waiver programmes may also be available.

Speciality and co-branded

Speciality cards are the “catch-all” category. These cards are normally designed for a specific segment or target niche. For example, some offer exclusive discounts to movie tickets, while others provide great health and medical benefits.

Should you get one?

Speciality cards are tailored to specific groups of individuals (e.g. frequent movie-goers, lady shoppers or even insurance agents). If you find that you belong to one of these niche groups, having such a card can be very rewarding.

Final note 

There are more than 200 credit cards in Malaysia, and choosing the one that best suits your needs can be very challenging. If you’re in the market for one, you can compare and apply for the best one through our credit card application online site.

Source; https://www.imoney.my/articles/types-of-credit-cards-in-malaysia

Save on Income Tax by Spending on These 5 Items

The saying goes that you have to spend money in order to make it. Taking that little nugget of wisdom for a twist; it is true that in income tax at least; spending money can save you money when it is time to file!

We all are now aware of the fact that income tax reliefs and rebates exist but few actually take the effort to claim these reliefs. Why not claim something that is in existence for your benefit? Well, mostly it is because you didn't file all the receipts!

We at Ringgitplus have talked about last-minute spending to save on income tax but how much more can you save by planning a little earlier? Like right now? Last-minute action drastically reduces the number of reliefs you can spend on to be eligible so, it's time to get cracking!

Even if the last thing on your mind right now is income tax filing for 2015; keep these 5 spending items in mind and horde those receipts!

Get Educated

It's hard to enroll for any course or certification in December as you rush to meet tax deadlines - but you can from now till December. Education fees up to RM5,000 are allowed reliefs so now may be the time to take that post-graduate you always wanted.

Even if nothing so fancy; maybe that certification in Microsoft Excel so you can finally figure out how the sum button works? We don't know but if you're getting educated and a tax relief out of it - it's probably worth pursuing.

Insure Yourself

There are a lot of things that could go wrong with your health. Just Google any symptom you have and you'll probably find that the possibilities range from nothing to fatal cancer.

We're sorry to be flippant but the truth is one really never does know, and with private hospitals charging RM11,000 for a dengue case (true story); you'd need a hefty donation to be able to afford medical fees today.

Insurance, especially for medical claims is important and even more so because you can claim tax relief of up to RM3,000 per year on premiums paid. You're welcome.

Psst: Clueless about policies? Check out our medical card insurance policy comparison page to 

find the most competitive package.

Get Yourself Checked

Quite linked to the point above; many insurance underwriters will require you to present yourself for medical checks to ensure you are not lying on the application form.

Kill two birds with one stone (probably not the best metaphor) by getting a full medical check this year thus satisfying your insurance underwriter and earning tax relief. Call your local GP and have him pull out the X-rays, ECGs, Ultrasounds, and syringes because you're going to get yourself checked!

Medical checks are tax exempted for up to RM500 yearly so tell your doctor to cap the bill to that amount.

Donate, Donate, Donate

Donations have been popping up in the news lately but not for the right reasons. How about countering the bad rep the word has received by giving to someone truly in need and saving on your income tax?

According to our friends at Savemoney:

...you can deduct up to 7% of your Taxable Income for gifts to charities and institutions which are approved by the government (not all charities are approved, so be sure to find out before you donate away!), unless you are giving to a few selected government-related bodies, where there is less restrictions on the amount deductible from your income.

Find a charity that fits the bill and donate religiously until the end of the year. As long as it is within the 7% threshold - you're good for a deduction! What's even better is that you get the absolute satisfaction of donating to a good cause.

Contribute Voluntarily to PRS

At first sight of this item on the relief list, we wondered how one can involuntarily contribute but brush aside the comical image of a PRS officer threatening contributors at gunpoint.

Nonetheless, deciding to contribute to an additional retirement fund is not only good for your senior years; it's good for your wallet next year too. You can claim relief of up to RM3,000 for contributions made into PRS.

If you're wondering what the scheme is about; check out our guide and comparison to EPF.

Of course, these are just some of the big-ticket items you can do right now. As listed in our last-minute spending for tax reduction article; you could also buy more books at Big Bad Wolf, get some sporting equipment (no, the Wii version of exercise does not count), or buy a new laptop.

There is also an RM1,000 relief for each child under 18 but we left that out as it may be a tad difficult (re: impossible) to make another child in 5 months. Also, it's not really saving when you think about how fast RM1,000 will run out on diapers alone.

Have we missed a relief or do you have a plan of action to save on tax? Let us know in the comments.

Source:https://ringgitplus.com/en/blog/Personal-Finance-News/Save-on-Income-Tax-by-Spending-on-These-5-Items.html

5 Times Credit Cards Are Smarter Than Cash

Alamy

We've all heard the admonishments about over-reliance on credit cards. If you don't dutifully pay-off your bill in full every month, debt can quickly mount, and wreck your budget — along with your credit.

Assuming you use credit prudently, however, it can often be a better bet than cash. In fact, the benefits of careful credit card usage are so great, that they often outweigh the simplicity of cash. Here are five solid reasons why credit cards can make more financial sense than cash.

1. They're Safer Than Cash

There are some who feel that cash is safer than cards, but what happens when your cash is stolen or misplaced? There is no getting it back. There is 100% liability on your end and all is lost. Credit cards, on the other hand, offer myriad protections, giving you peace of mind when your card is lost or stolen. You're also able to track purchases and spending more efficiently, and spot fraud or card misuse.

Sure, hackers can steal your credit card information, and a lost card presents challenges of its own. But there's no financial institution ready to help when you lose cash. Credit cards come with the backing and help of professional staff trained and equipped to handle such situations.

2. They Help Build Credit

As much as we fear over-using credit, not having any credit can have its own repercussions. Lack of credit can hamper your ability to take out necessary loans (such as auto loans or mortgages) and even limit more basic things, such as rental car options. Have you ever thought about renting a car, but all you had was a debit card or cash? From my experience, many companies such as Hertz or Enterprise will do a soft credit check to see if you are eligible for the rental. Plus, having established credit also gives you a shot at better interest rates and expedites approvals on loans. 

3. You Can Earn Cash Back or Travel Rewards

Many credit card companies offer cash back incentives — some as much as 6% on grocery purchases, or even 5% on shopping purchases. Cashback incentives add up and you'd be amazed after 90 days just how much cash back you've earned. That cash is yours to keep — no strings attached. (Check out one of our favorites: Citi Double Cash Card)

A travel rewards credit card can get you even more value from your purchases. Redeem your earned miles for free flights, stays, and upgrades. In addition, many cards include travel perks like priority boarding, exclusive lounge access, free checked baggage, and more. (Check out our favorite travel card: Chase Sapphire Preferred)

4. There Are Insurance Protections

Credit cards also offer insurance perks. Just by using your credit card you have access to multiple insurance options, such as supplemental insurance, lost luggage insurance, travel and accident insurance, and more. Plus, some credit card companies also give you the ability to halt or reduce payments during periods of change or difficulty — such as a relocation, new baby, new job, unemployment, or death in the family.

5. Cards Offer Purchase Tracking and Customer Service

Credit cards enable you to more efficiently track your purchases, and let you dispute payments should problems arise. Plus, credit card companies' customer service hours extend well beyond those of your local bank branch, allowing you to resolve issues at any time. And though ATMs can be used 24 hours a day, for larger purchases, credit cards facilitate bigger spending at any time of day.

When else do you prefer to use cards over cash?

Source:https://www.wisebread.com/5-times-credit-cards-are-smarter-than-cash

5 Ways to Keep Hackers Away From Your Money

A Hacker

Start by rethinking your password strategy.

JPMorgan Chase, Domino’s, Home Depot, P.F. Chang’s, eBay — the list of targets continues to grow.

Information breaches that would have been difficult to fathom years ago are now common. And people are rightfully worried. After all, if the federal government can get hacked and its employees’ data stolen, how vulnerable is a personal account held at a bank or brokerage?

My friend Jack Vonder Heide, president of Technology Briefing Centers and one of America’s leading authorities on technology-related risks, says the image of cyber attackers as hipster kids in a basement hacking into websites for fun is a dangerous misconception. Cybercriminals, he says, are highly educated operatives of well-funded overseas groups, mostly based in China and Russia.

So what actions can you take to protect yourself in what feels like an endless battle to keep your data secure? Here are five steps to consider:

1. Diversify your passwords — and change them

For convenience’s sake, people often use the same password across multiple websites. Big mistake. It’s like giving an intruder a key that opens every lock. You want to make it extremely tough for a hacker to access your sensitive information. To create a different password for every financial website — brokerage, bank, credit card, mortgage account, and so on. Create unique password combinations that include letters, numbers, and, if possible, symbols. Establish a biannual schedule to change them. Security must be an ongoing endeavor.

2. Use an online password manager

All those hard-to-crack passwords can be a nightmare to try to store, recall, and keep secure, so use a reputable password manager. The best managers include password generators that create strong, unique choices. Most password managers allow you to sync your passwords across all electronic devices, making it easy to maintain multiple passwords. Select one that includes two-layer authentication for additional protection. Check out PC Mag’s best password manager selections for 2015. Many come with an annual fee — but they’re affordable and worthy protection against hackers.

3. Make life hard for crooks

Cross-shredding confidential documents, avoiding simplistic passwords, and keeping sensitive information off of unsecured channels like email are modest but effective actions. Thoroughly checking credit statements for suspicious activity and being aware of your surroundings when using ATMs are basic security measures that remain effective. Don’t let your guard down.

4. Check your credit reports at least annually

Periodically checking your credit report is a smart way to stay ahead of the bad guys — but many people don’t because of common misconceptions, such as the belief that you have to pay a fee to see your report, or you must subscribe to a service.

The fact is, federal law entitles you to a free copy of your credit report once a year from each of the three consumer credit reporting bureaus — TransUnion, Equifax, and Experian. You can get these reports at AnnualCreditReport.com. If you want to be especially vigilant, spread out your requests, so that you are looking at a different report every four months instead of all three at once every year. Increasing the frequency will help you catch suspicious inquiries earlier since credit activity customarily gets reported to all three bureaus.

The goal is to check for discrepancies, inconsistencies, and inaccuracies that might suggest identity theft. It’s not difficult to correct errors. The credit bureaus have improved their service and request response times. The Federal Trade Commission provides easy-to-follow instructions to dispute errors.

5. Keep your guard up when it comes to e-mails

Be wary of any email that requires you to click on a hyperlink to update a password or confirm confidential material. Such e-mails are often “phishing” expeditions seeking to scam you. They appear to come from your bank or brokerage firm, an online retailer — even the IRS.

The best rule to follow is that regardless of how real an e-mail looks, never click on such links. Contact the alleged sender’s customer service or fraud department directly to check the legitimacy of the email. Don’t use the phone numbers provided in the suspect email. Always use the contact information provided on your monthly statement or listed on the company’s website. It’s also advisable to forward the email to an organization’s fraud department.

What about inquiries from the IRS? That’s easy. The IRS does not initiate taxpayer communication through email or other electronic channels, period.

It’s understandable to feel helpless in the age of smart criminals who conduct endless assaults on privacy. But simply putting the threat out of mind is no solution. Nor is deciding that it can’t happen to you.

Personal Finance: 10 Ways to Become Financially Independent

After the 2008 economic crisis, many people assumed they would never be able to reach true financial independence – the ability to live comfortably off one’s savings and investments with no debt whatsoever.

However, individuals willing to use their time horizon to plan and adjust their spending, savings, and investment behaviors might just find financial independence is possible. Here are 10 ideas to get started.

1. Visualize first, then plan. Start by considering what your vision of financial independence actually looks like – and then get a reality check. Qualified financial experts can examine your current financial circumstances, listen to what financial independence means to you, and help you craft a plan. The path to financial independence may be considerably different at age 20 than it is at age 50; the more time you have to save and invest generally produces a better outcome. But at any age, start with a realistic picture of your options.

2. Budget. Budgeting (http://www.practicalmoneyskills.com/budgeting/) – the process of tracking income, subtracting expenses, and deciding how to divert the difference to your goals each month – is the essential first task of personal finance. If you haven’t learned to budget, you need to do so.

3. Spend less than you earn. It might be obvious, but it’s one of the most difficult financial behaviors to execute. Adhering to a lower standard of living and expenses will help you put more money into savings and investments sooner.

4. Build smarter safety nets. Emergency funds and insurance are rarely discussed in combination. The traditional definition of an emergency fund is a separate account for cash that can be used instead of credit to repair a broken appliance or other expenses that may run a few hundred dollars. However, many people keep insurance deductibles high to keep premiums low. Would you have enough cash on hand to cover an insurance deductible if you had a sudden claim? If not, build your deductible amounts into your emergency fund.

5. Eliminate debt. Though consumer debt levels have generally fallen since the 2008 financial crisis, the Federal Reserve Bank of New York reported in February that home, student loan, auto, and credit card debt began creeping up again in 2014. Getting rid of revolving, non-housing debt (http://www.practicalmoneyskills.com/costofcredit) is one of the most effective ways to free up money for savings and investment.

6. Consider your career. Financial independence doesn’t require you to quit a career you love, but you really can’t get to financial independence without a steady income to fuel savings and investments that will build over time. Speak with qualified advisors about your income, benefits, and retirement picture first, and see if you might be able to expand your sources of work-related income, such as consulting part-time. Also keep in mind that over the age of 50, the Internal Revenue Service allows you to make catch-up contributions to both 401(k) and IRA accounts.

7. Downsize. You’ll generally reach wealth financial goals faster if you can cut your overall living expenses. For some, that means selling your home and moving to a smaller one or to an area with lower living costs and taxes. You can also sell or donate property you don’t need and use those proceeds to extinguish debt or add to savings or investments.

8. Invest frugally. Become a student of investment fees and commissions because they can cut significantly into your principal. Make a full evaluation of fees you are paying on every investment account you have and if you’re working with a licensed professional who sells you financial products, know what fees they’re charging for their investment and advisory services.

9. Buy assets that generate income. Stocks, real estate, collectibles, or cash investments all have up and down markets. But do your homework and focus on investments bought at attractive prices that are likely to appreciate over time. Also, don’t forget to study the tax ramifications of any investment transaction you make.

10. Always know where you are financially. Financial planning isn’t about making one set of financial decisions and assuming you’re set. Lives and situations change and your financial planning must be flexible enough to withstand both positive and negative changes without derailing your hopes for financial independence. If your forte is not investment, financial planning, or tax matters, by all means, bring in qualified experts to help. But financially independent people generally have their money issues at their fingertips not only for their own use but for estate purposes as well.

Bottom line: Financial independence involves diligence and a bit of sacrifice, but even the smallest moves can yield big outcomes.

Source:http://www.yourhoustonnews.com/atascocita/opinion/personal-finance-ways-to-become-financially-independent/article_b723796d-0916-55e0-ad41-36cda386557d.html

7 Ways to Increase Your Credit Score Quickly

Your credit score will determine whether you will get approved for credit cards, auto loans, mortgages, or other loans, as well as impact the interest rate you'll pay. If you aren't happy with where your credit score is today, take heart: There are some simple ways to improve it quickly. Once your credit score improves, you'll be able to enjoy perks like lower interest and insurance rates.

Note that while these tips will help you raise your credit score quickly, be patient, and remember that it can still take 30–60 days to see any noticeable improvement.

Credit Utilization Ratio

Your credit utilization ratio makes up 30% of your credit score. It's the number that shows how much debt you have compared to your total available credit. The more unused credit you have available, the lower your ratio. For example, if the credit limit on all your cards totals $10,000, but you owe $8,000, your credit utilization ratio is 80%. You're using 80% of your credit. That's pretty high — a ratio of 30% or less is ideal. There are three main ways to lower your credit utilization ratio.

1. Pay Down Your Debt

Using the above scenario, if you can pay down your debt from $8,000 to $5,000, then your ratio goes down to 50%. Once you lower your debt, your score will see a significant boost quickly.

2. Ask for a Credit Limit Increase

If you aren't able to come up with some cash to pay down your debt quickly, try to get your credit card issuer to raise your limit. If instead of having $10,000 in available credit, you have $15,000, your ratio would go down to 53% with an $8,000 debt. Keep in mind, however, that they'll usually only grant this if you've had a good record with them over the last year. If you've missed payments, you may not be able to get the increase.

3. Sign Up for a New Credit Card

If you've got a lot of credit card debt, getting another credit card may not be the wisest thing to do. But if you need to raise your credit score quickly, this may be your only option. If you can, try to get a card with a 0% intro balance transfer option, which will allow you to transfer your existing debt over and at least get a break from paying interest each month. 

If you can't get approved for credit cards because of your low score, get a secured credit card, which even those with bad credit can get approved for. 

Credit History

The length of your credit history makes up 15% of your score. If your score is low because you are new to credit, then you will just have to be patient. But you can build up your credit by opening up accounts now and keeping them in good standing in the future.

4. Keep Cards Open

You should not close any existing accounts, as each one continues to contribute to your credit history. In fact, many people hold the mistaken belief that closing credit card accounts will help their credit score when it will likely have the opposite effect. The longer you've had your accounts, the more it adds to your score. Even if you're no longer using your old credit cards, you can cut up the cards or lock them away, but don't cancel them.

5. Become an Authorized User

If you're having trouble getting approved for new accounts, see if you can become an authorized user on someone else's card. But make sure you sign on with someone who is a responsible user. Your score can tank if that person misses payments or has too much debt on that card, too.

Types of Credit

The types of credit in use also make up 10% of your credit score. These formulas favor those who have several types of loans including home loans, auto loans, student loans, credit cards, and store charge cards.

6. Mix up Your Forms of Credit

While you shouldn't borrow money for a home or car just to try to improve your score, it's worth keeping in mind that even opening a store charge card and using it for a few small purchases may help to improve your credit score slightly.

You can also consider opening a specialized card like a branded gas card (that only works for gas station payments). This will help you resist the urge to spend on other things and you'll rack up rewards in no time, such as free gas. Pay the balance off immediately after every use and your credit score will reflect your good credit history, payment history, and increased available credit.

Payment History

Your payment history makes up the biggest percentage of your score — 35%. There is no getting around the importance of paying your bills on time.

7. Set up Alerts and Auto-Pay

Sometimes payments are missed simply because you forgot or misplaced the bill. These small mistakes add up to your credit score. If you have trouble remembering to pay your bills, then set up automatic payments or set up reminder alerts on your calendar. No excuses!

Credit Monitoring

To maintain a good score, you should be diligent about monitoring your credit, as well. Check your credit report every year at AnnualCreditReport.com to ensure there are no errors. If you notice a discrepancy, act on it quickly. Your credit score may be unjustifiably low and you may simply need to make a call to correct any issues. In fact, studies have shown that up to 80% of consumer credit reports have an error, which may be costing you up to 50 credit points. Take advantage of services like CreditSesame.com to monitor your credit score for free throughout the year. 

Source:http://www.wisebread.com/7-ways-to-increase-your-credit-score-quickly

How Is Credit Card Interest Calculated?

How is credit card interest calculated?

Paying credit card interest is painful enough. Figuring out how that interest is calculated? That’s almost as bad! The entire process is rife with complexity — and not always set in stone.

Still, if you’re carrying a balance on a credit card, you should know the science behind how much interest you’ll ultimately pay. This post aims to answer the question: “How is credit card interest calculated, anyway?”

How to Calculate Credit Card Interest

When you’re carrying a balance on your credit card, you probably focus most of your attention on your card’s APR, or annual percentage rate. Although that’s a decent way to figure out how much you’ll pay over time, it’s not the best.

Why? Because credit cards don’t add interest to your account annually as the name suggests – they actually charge interest every day.

This daily interest calculation is decided on using your cards DPR, or daily periodic rate. You can figure out your DPR by taking your APR and dividing it by the number of days in the year.

One caveat, though: Some banks divide by 365, while others divide by 360. Confused yet? We thought so.

Here’s an example that shows how it works:

Let’s say your credit card’s APR is 11%. Divide that number by 365, and you’ll discover that your daily periodic rate is 0.03%.

Here’s where things get even trickier. When credit card issuers charge interest using your DPR, they figure how much you owe using your average daily balance. This is because your credit card balance can vary widely throughout the month as you make partial payments or more purchases.

Here’s an example to illustrate how this works:

Let’s say you owe $500 on your credit card at the beginning of the month. Fifteen days after the new billing period begins, you charge another $500 on your card. Your card issuer determines your average daily balance for the month by multiplying each balance by the number of days you carried it, then combining them and dividing by the total number of days in the month:

($500 * 15 days) + ($1,000 * 15 days) = $22,500/30 days = $750

Using the daily periodic rate above, you’ll be charged $6.75 in credit card interest that month:

$750 * 0.0003 * 30 days = $6.75

How Is My APR Decided in the First Place?

No one wants to pay a lot of credit card interest, so it’s always in your best interest to choose a card with a low APR. The good news is, there is a wealth of credit card offers with low APRs, or even promotional 0% APRs, on the market. The bad news is, you may not always be able to qualify for them – at least not yet.

That’s because card issuers use your personal information and credit history to determine what type of interest rate they’ll charge you.

For example, those with good and excellent credit who have scored over 690 will generally qualify for cards with the most attractive rates. Meanwhile, those with a FICO score in the average, poor, or bad range (630 and below) may have trouble qualifying for cards with the best terms. Compare your FICO score to these credit ranges to see how your score stacks up:

• Excellent credit: 720 and up
• Good credit: 690 to 719
• Average credit: 630-689
• Bad credit: 300-629

If your score isn’t where you want it to be, take some steps to improve it over time. Above all else, those steps should include paying all of your bills on time, paying off as much debt as possible, and taking care of any delinquent accounts or inaccuracies on your credit report.

Once you do, credit reporting agencies will take note and adjust your score accordingly.

How to Avoid Paying Credit Card Interest

If you hate the idea of paying credit card interest on your purchases, one tried and true method will save you heartache every time. Pay your balance on time and in full every month, and you’ll never have to estimate an interest payment again.

That’s right; staying out of debt is the only true way to avoid paying interest on your purchases. Here are a few tips that can help you avoid paying interest altogether:

Set a reminder to pay your bill early: All credit cards offer a 25- to 30-day grace period where you won’t be charged interest on your purchases. Paying your bill in full before your due date can help you avoid paying interest altogether.

Only charge what you can afford to pay off each month: If you’re worried about overspending, only use your card for purchases you have the cash in the bank to pay for. One way to keep track is to carry a notebook in your pocket and write down each purchase you make on credit.

Take advantage of a 0% APR balance transfer offer: If you’re paying too much interest on a balance, you might want to consider transferring your balance to a different card with better terms. Some cards even offer 0% APR on balance transfers for a limited time.

Use your card only in emergencies: If you’re still worried you’ll overspend, it might be wise to save your credit card just for emergencies. For everyday purchases, stick to cash or use a debit card connected to your bank account.

Source:http://www.thesimpledollar.com/how-is-credit-card-interest-calculated/