What do finance charges of a credit card mean?

I am a college student, have no credit, and am looking for a nice solid reward card that gives cash back. I was looking at the AOL Visa Rewards card, but it has a minimum $1.00 finance fee, what does that mean?





Also, any other card recommendations?





Thanks.

What do finance charges of a credit card mean?
It means for instance if you have a balance of $50.00 with an APR at 12.99%. The interest you pay for that billing cycle is .53. If you paid off that entire balance by the due date, you%26#039;ll pay no interest.





However, if you decided to pay only $15 minimum, the remain will be approximately .32 in interest. Instead of charging you ..32 interest, credit card company will raise that to a minimum finance charge of $1.00. Which means anything less than $1.00 in finance charge during that billing period will raise to at least $1.00 whether your finance charge should be .30 or .80, the minimum will be $1.00





Some company charge the minimum finance charges is $1.50
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Reply:That%26#039;s the interest charge. I can%26#039;t believe you%26#039;re in college and couldn%26#039;t figure that out.
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