Don't Be Surprised by the Costs of Credit
Any credit card that allows a balance to be carried from month to month has an annual percentage rate (APR). The APR is a measure of the total yearly cost of credit (interest plus other charges). The periodic rate is the rate applied to your account balance to determine your finance charge for each billing period.
Many cards also charge an annual membership fee that can range from $25 to $50, or more for gold, platinum and other "premium" cards. Some cards advertise no annual fee or the first year, and you may find a hefty fee added to your bill when that year is up.
Still other cards don't charge a fee if the card is used a certain number of times during a given time period, usually a year, or if a certain dollar amount is charged to the card.
Use credit cards only for convenience, never for credit.
Any credit card that allows a balance to be carried from month to month has an annual percentage rate (APR). The APR is a measure of the total yearly cost of credit (interest plus other charges). The periodic rate is the rate applied to your account balance to determine your finance charge for each billing period.
Many cards also charge an annual membership fee that can range from $25 to $50, or more for gold, platinum and other "premium" cards. Some cards advertise no annual fee or the first year, and you may find a hefty fee added to your bill when that year is up.
Still other cards don't charge a fee if the card is used a certain number of times during a given time period, usually a year, or if a certain dollar amount is charged to the card.
Use credit cards only for convenience, never for credit.
posted by Vernis at
1:59 AM
