信用卡知识库.doc

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1、信用卡知识库Advances(akaCashAdvance)IfyouobtaincashfromyourcreditcardbyusinganATMorwalkingintoabank,youaretakingacashadvance.Thisisgreatforemergencies(suchasalast-minutetriphome),butthereareusuallytransactionfeesandhigherAPR's.Usethissparingly.AnnualMembershipFeeAfe

2、echargedformaintainingyouraccountthroughouttheyearandforanyspecialservices.AnnualPercentageRate(APR)Thisistheannualinterestrateyouareassessedforborrowingmoneyonacreditcard.Ifyoupaytheentirepurchasebalanceonyourmonthlybillontimeeachmonth,thenyouwilltypicallypay

3、nothing(aone-monthinterest-freeloan).Otherwisethisrateisappliedtoyouroutstandingbalanceeachmonth.AvailableCreditThemorestuffyoubuy,thelessavailablecredityouhave.Theamountyouhaveleft(oravailable)iscalledAvailableCredit.Ifyouoverseeyourcreditcardproperly,youshou

4、ldtrytokeep15%ofyourCreditLimitavailablejustincaseofemergencies.(Example15%of$700wouldmeanthat$105shouldbekeptavailableforemergencysituations.)CreditLimitTheabsolutelargestamountyoucanchargeonyourcreditcard.Onyourfirstcard,thelimitisusuallyprettymodest(example

5、$700),sodon'tgocrazy.Ifyoutrytoexceedyourlimit,youmaybepenalizedand/orassessedanoverlimitfee.FloatChargesyoumakearedeductedfromyourAvailableCreditimmediatelybutmaynotshowupinyourbalanceuntilthetransactionreachesthebank.Thiscantakeafewdays.Theperiodbetweenthetr

6、ansactionpostingandthetimeitappearsonyourbalanceiscalledfloat.IfyourAvailableCreditislessthanyouexpectedthinkaboutrecentpurchasesthatmaybefloatingsuchasrentalcarholds,orcallformoreinformation.GracePeriodIfyoupayyourbillontime,youdon'tgetchargedinterestonyourpu

7、rchases(seeAPR).Thisinterest-freeperiodoftimeiscalledthegraceperiod.InterestRateReflectswhatthebankchargesacustomerforborrowingmoney.LateChargeIfyoudon'tpayatleastaminimumcreditcardpaymentbythepaymentduedate,youmayowealatecharge.LinkedAccountYourcreditaccountc

8、anbelinkedwithanyotherchequeaccountsothatfundscanbetransferredelectronicallybetweenaccounts.MonthlyFinanceChargeYouraveragedailycreditcardbalancemultipliedbyyourDailyFinanceCharger