Do you know what the terms of the different types of credit cards are? Below are a couple of credit cad factors related to the terms that need to be read up on before applying.

High interest rates
The Federal Reserve lends money to banks at around 5% interest. Banks loan money for mortgages at around 6% and to commercial customers at around 8%. The average credit card interest rate is 17%.

Diminishing grace periods
The grace period is the time you have to pay the money back without paying interest. It  is usually between 10 and 30 days, although some cards have eliminated it all together.

Cash advances
To get a cash advance on a credit card, you usually pay a transaction fee of around 3% per advance and there is no grace period. Interest is charged from the moment the money is received.

'Bait and switch' introductory offers
Credit card companies often make introductory offers 'as low as 8.9%' and then send you a card with one at 15.9%. Or they send you a card with the advertised rate, but fail to mention that in three months the rate triples.

The late fees associated with credit cards tend to be very high.

No matter if you have good or bad credit or if you are an experienced of first time credit card user. it is vital that you familiarize yourself with how to use credit cards wisely.

History of Credit Cards
Bad Credit Credit Card Tips
Using a Student Credit Card
Cancelling Credit Cards






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