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The following article was published in our article directory on December 16, 2011.
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Credit Card Application Basics: Understanding Interest Terms and Card Fees

Article Category: Finances

Author Name: chickie maxwell

Knowledge is known as a powerful tool for making informed decisions. For a consumer planning to submit an online credit card application, it helps to gain a good understanding of the different interest terminologies utilized in credit cards. Moreover, the different fees indicated in a credit card application can be confusing, especially to a first-time consumer. The following explanation on the different terms and fees will help clarify unfamiliar words and phrases written in a credit card application form and brochure.

In general, the annual percentage rate (APR) is a type of interest applied to the balance of an account once it exceeds the grace period. Consumers are normally given a grace period in order to settle the balance in full. The APR is further subdivided into three categories:

APR for purchases is an interest the consumer pays when the balance amount on one billing cycle is carried over to the next one. For example, John has a balance of $1,000 on his credit card account this month and the purchase APR indicated on his credit card is 12.99%. If John fails to pay the balance this month in full on or before the due date, a purchase APR amounting to $ 129.90 will be charged to his account next month.

Meanwhile, APR for balances is an interest applied when a consumer transfers the balance from one credit card to another. For example, Bob transfers a $500 balance from one of his credit card accounts to his other account with a balance APR of 16.9% for this month. In the event that Bob fails to settle the transferred balance on or before the grace period, a balance APR amount of $84.50 will be charged to his credit card account next month.

On the other hand, APR for cash advances is an interest applied when a consumer utilizes cash advance from the credit card account. For example, Jack made a $200 cash advance this month from his account with a cash advance APR of 9.99%. If Jack fails to settle the $200 balance in full on or before the due date, a cash advance APR amounting to $19.98 will be reflected on his account balance for next month.

All the three aforementioned APR interests are charged to next month's account balance on top of the balance that will be accrued next month. Another term related to APR interest is APR penalty, which refers to an increase in APR caused by a number of reasons that include late payments, exceeding the credit limit, and returned payments.

Credit card companies will inform the consumer about the penalty increase 45 days before it comes into effect. To remove the penalty APR, a consumer must make at least six (6) consecutive on-time minimum payments. To avoid getting penalized , a consumer is encouraged to pay off their balances in full before the end of each billing cycle. Otherwise, a minimum interest charge of not less than $1.50 will applied.

Keywords: credit card application

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