| 1888 Articles Home | Finance Articles | Credit Articles | Credit RSS |  |
||
The Language of Credit Cards |
||||
|
Many Americans have no idea what even the most simple aspects of "the credit card language" are. This can lead to debt and regret. Credit card holders need to know their credit "ABC's" before they try to write a credit novel. |
||||||||||||
| Author: Kelly Liyakasa |
|
|||||||||||
Like most Americans, you probably have at least one credit card if not more. Each time you approach the cash register, you may find yourself reaching in your wallet for that slab of plastic. You might even call it a reflex. In this day and age, credit has become a normality in our daily lives. Practically every store accepts credit cards and many vendors prefer credit cards over personal checks.
Banking online has never been easier with instantaneous pending transactions available just seconds after your card is swiped. However, charging through credit is not all fun and games, especially when it’s due date time. Many fall into the trap of only making the minimum payment each month, falling into even deeper debt.
One problem eager spenders face is signing up for a credit card they feel has low rates and three months down the road, are hindered by rising APR percentages. What exactly is an APR percentage? Believe it or not, some people get into credit card debt because they don’t understand the basics of credit card lingo.
Make Sure You’re Aware of the Following before choosing a credit card:
• APR: Annual Percentage Rate or the rate of interest you’ll have to pay if you have a balance carryover, transfer balances from another card or take out a cash advance.
• There are such things as penalty APR’s, where your percentage increases if you make late payments.
• Introductory APR’s-Your APR percentage rate is bound to rise after a select introductory time span.
• Tiered APR’s-Depending on amount spent, different percentages will be applied.
• What is a grace period? The amount of time you have to fully pay your bill without being charged.
• Minimum finance charges-If you spend less than the minimum finance charge, you will be charged the minimum amount required.
• Annual fee-Some cards charge you monthly; Some quarterly or yearly-This is a fee just for holding that credit card.
Some credit card companies offer fixed APR credit cards, or cards whose percentages don’t change. If they do change, the company is required to notify their customers before making the switch. Cards that have variable rates can change at times, so cardholders should monitor their percentages.
6StarReviews.com reported that one fixed APR card, Pulaski Bank Gold Visa, even offers cardholders special incentives such as free auto rental & travel insurance, as well as free emergency services. Those who like stability and who may not have the best credit history may want to choose from one of several options of fixed APR credit cards.
About Author
Kelly Liyakasa is a writer for http://www.6StarReviews.com . Kelly Staller is site manager at 6StarReviews.com, a site dedicated to giving YOU, the consumer, the best product and service reviews around. If you like saving time and money by having someone else review leading sites and products, then Visit our site at 6StarReviews.com.
Article Source:
http://www.1888articles.com/author-kelly-liyakasa-1467.html
Other Related Articles How to Get Fat: The Sumo Diet Part 1 by Bryan How to Get Fat: The Sumo Diet Part 2 by Bryan The Language of Credit Cards by Kelly Liyakasa Best to protect your eye from sun by rejina kelis Unazukin - Happy little helpers by Christopher Laas |
