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Frequent Terms Used in Credit Cards

If you are having a credit card, then make sure to handle the same carefully. And the best way to do so is by getting hold of complete knowledge about the same. To be more specific, you need to be aware of all the terms associated with the credit card. Once you gain acquaintance with them, it will be simpler for you to handle the card/cards. Let us now take a look at them.

Annual Fees

The fees that are charged on a yearly basis are referred to as annual fee. Most of the companies charge this fee and in exchange grant you a credit limit amount ranging in between $15 to $55. On the other hand, you may also come by some that do not charge any fee. However, the fee usually differs from one company to the other.

Transaction Fees

There are some credit cards issuing companies that levy a fee if you are making use of the card for availing an advance in cash. They may also charge a fee in case you miss making a payment or incase you have exceeded the credit limit that the company had offered you. Next, you may also come by some issuers that charge a monthly fee irrespective of the fact whether you are making use of your credit card or not. The transaction fee may vary from one company to the other.

Grace Period

This is defined as the time that exists between the date when a purchase has been made and date from which the issuer charges the rate of interest on the purchase that you have made. You are sure to keep off from finance charges under two conditions, first you need to make sure that the grace period is standard and second if you clear the present balance completely, without keeping anything due. You will also come by a couple of issuers that offer grace period to all new purchases. This is also applicable even if you are not in a position for paying the current balance completely. If there isn't any grace period, then the credit card issuer may impose a certain charge. This charge will be applicable from when you starting using the credit card or from the time when the transactions are posted on your account.

Annual Percentage Rate

This is an important term to deal with. When the credit expenses are measured and expressed on a yearly basis then it is referred to as annual percentage rate. You need to concentrate on the periodic rate as well. This rate is usually applied by the issuer to the amount you owe. With the help of this rate they can evaluate your finance charge that has been levied for all the billing phases. It is quite likely on your part to think that your bank is charging the same amount year after year, but then, in reality, the bank can change the rate of interest from time to time. Hence, you need to get familiar with this terminology so as to know whether the rate of interest is being altered.


The additional advantages that you are likely to avail from these companies include merchandise offers, rebates, discounts as well as insurance facilities.

Last, but not the least, you can always resort to debt consolidation plans if you are finding it hard to deal with the debt related issues.

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