Help with credit cards

futurenyustudent
Thu, 16 Aug 2007 20:31:25 +0000

APR for purchases: interest rate for buying stuff with your credit card and carrying over a balance
Balance Transfer APR: interest rate for paying off another credit card with your card if you’re carrying over a balance
Cash Advance APR: interest rate for withdrawing cash against your credit card if you’re carrying over a balance
Default APR: Absurdly high rate that they start charging if you “default”, usually meaning paying late, going over credit limit, falling delinquent
Overdraft Advance APR not sure what that means
Finance charge (I’ve noticed some cards have this): Don’t worry about this. It’s minimum fee that the card issuer charges the merchant that accepts your card.
Transaction fee for balance transfers: usually a percentage of the balance transfer amount, charged when you pay off a credit card with another card.
Transaction fee for cash advance: usually a percentage of the amount of the cash advance, charged when you withdraw cash from your credit card.