The OppFi® Card interest rate is 35.99%. This OppFi Card interest rate is fixed, meaning the rate does not change based on economic conditions, like a variable rate would.
The OppFi Card gives you a 23-day grace period to avoid paying interest on your purchases. The grace period runs from the end of the billing period until the card’s payment due date. You won’t owe any interest as long as you pay your balance in full during that timeframe. Should you decide to carry a balance on your OppFi Card, it will accumulate interest daily at the card’s regular APR. Interest is compounded, meaning you will owe interest on both the principal balance and any interest already accumulated.
In addition to the regular interest rate, OppFi Card also charges a separate 35.99% interest rate on cash advances. All OppFi Card card interest rates will be listed on your statement and on your online account summary.
Yes, you can use the OppFi Card anywhere that accepts cards on the Mastercard network. This means you can use the OppFi Card virtually everywhere in the world that accepts credit cards.
Keep in mind that the OppFi Card has a 2% foreign transaction fee, which means you will incur extra charges for international purchases. If you want to avoid this kind of surcharge, you could consider applying for a … read full answerno foreign transaction fee credit card.
Yes, the OppFi Card has a grace period of at least 23 days, lasting from the end of each billing cycle until the payment due date. If cardholders pay their OppFi Card statement balance in full every month, OppFi will not charge any interest.
Keep in mind that you are not required to pay the entire balance by the due date. But if you decide to pay less than the full amount due, you will lose the grace period. The remaining OppFi Card balance and any new purchases will then start to accrue interest that compounds daily. To get a credit card grace period back, you will need to pay the statement balance in full for two consecutive months. … read full answer
It’s also important to note that grace periods do not apply to cash advances.
A 24% APR on a credit card is another way of saying that the interest you’re charged over 12 months is equal to roughly 24% of your balance. For example, if the APR is 24% and you carry a $1,000 balance for a year, you would owe around $236.71 in interest by the end of that year.… read full answer
Fortunately, you won’t be charged the 24% APR if you pay off the full balance by the due date every month. If you carry a balance from month to month, however, you’ll end up paying a good bit in interest. That’s because each day the balance goes unpaid, interest charges are compounded. In other words, interest is added to both your principal balance and any previous days’ accumulated interest.
Given that some months have more days than others, the credit card issuer will break down the APR using a daily periodic rate (DPR) to determine how much interest you’ll pay for a given billing period. To get the DPR for a credit card with a 24% APR, simply divide 24% by 365. The result is a rate of 0.0658% per day. Daily interest charges apply until the outstanding balance is paid in full.
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