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Credit
Card Terminology |
Annual Percentage
Rate (APR):
The interest or "cost of credit." If you carry an unpaid balance,
the APR is your best indicator of account cost. The higher your
APR, the more you pay in finance charges.
Finance Charges:
Fees you pay for using the money before paying it back. You can
avoid finance charges by paying your balance in full every month.
Grace Period:
If individuals do not have an outstanding balance on their credit
card, a grace period is the interest-free time period between the
date of purchase and when that purchase appears on their statement.
To avoid paying interest on purchases made since your last statement,
pay in full by the due date listed on your statement. If you do
not pay the balance in full, interest is charged on all purchases
(including new purchases).
Average Daily
Balance:
Your balance is totaled each day during the billing period, the
daily balances are added together and then divided by the number
of days in the billing period.
Cash Advance:
An instant loan from a credit card account. Interest is charged
from the day the advance is taken until the day it is paid off.
Convenience Checks: Convenience checks may be used to pay for products
or services at merchants that don't accept credit cards. Convenience
checks are cash advances and are available upon request.
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