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SpinDistribute.com Article Directory

The following article was published in our article directory on December 17, 2011.
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The Language of Credit Cards

Article Category: Finances

Author Name: chickie maxwell

Credit cards are a part of everyone's life. These days, even teenagers have them. But while there's nothing really wrong in having a plastic, it is important that you understand its language. Otherwise, you may just wake up in deep debt one morning. In this article, let's talk about the basic terminologies you have to know when using a credit card.

Average daily balance - Most credit card companies compute payment dues through this. Your average daily balance is determined by summing up your balance for each day and dividing it by the days in a billing cycle. This then is multiplied by the monthly periodic rate (annual percentage rate divided by 12).

Annual percentage rate - More commonly known as the APR, this is the yearly interest rate inclusive of the costs and fees paid to get the loan. Lending companies are obliged to disclose the APR so clients can compare loans.

Balance transfer - This is the procedure of transferring an unpaid credit card debt from one provider to another. There are times when card providers offer good rates to encourage the transfer of balance coming in. However, the same companies also set balance-transfer fees in order to dissuade their clients from going out.

Cash advance fee - Credit cards are not only as good as cash but can also use to obtain cash. Whenever you use it for this transaction though, there's a corresponding fee to pay. Depending on your issuer, the fee may be directly deducted from the cash advance you just made or may be included in your bill. One thing you have to remember is that the cost for this transaction is higher. Also, it generally doesn't have any grace period. The instant you get the cash, interest starts to accumulate.

Finance charge - This is the cost for using the plastic including its interest costs and all the other fees.

Grace period - If you don't carry a balance, the grace period is the time when the lender allows you to pay for your debt without any interest. Normally, a grace period runs between 20 and 30 days. If there's no grace period, charges will accumulate the moment you have made a purchase using the plastic. If you have an outstanding balance, your credit card provider will give you no grace period.

Minimum payment - This is the lowest amount you can pay to keep the account. Some credit card companies set high minimum payment especially when they are not sure of the applicant's ability to pay. Usually, minimum payment is two percent of the current balance.

Over the limit fee - The amount you pay when you exceed your credit limit.

Variable interest rate - This is the interest that you pay for the use of money, which can move up and down depending on the other interest rates.

These are the basic terms you need to know about the use of credit cards. Understanding them can save you a lot of future confusion and trouble.

Keywords: credit cards

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