Avoid the pitfalls (and high costs) that can come when you don't use your credit card properly. 25 key terms everyone with a credit card should know.
Credit cards can be a great asset when used responsibly, but like so many other financial products, it's easy to be overwhelmed by all the related jargon.
APR, balance transfer, prime rate — it can sometimes feel like card issuers make things unnecessarily complicated. But a little bit of research can go a long way in helping you feel more comfortable with the benefits and limitations of your credit card.breaks down the most common credit-related terms, so you can better understand how your card works and avoid the pitfalls that can come when you don't use your card properly.The yearly fee charged for holding a credit card.
To find your monthly interest rate, simply divide by 12. For example, if you have a 24.99% APR, divide by 12 to get 2.0825% as your monthly interest rate.A balance is the amount of money you owe on your credit card bill. It can change from month to month depending on whether you pay your bill in full and on time. The balance includes any charges you make, along with accrued interest, late payments, foreign transaction fees, annual fees, cash advances and balance transfers.
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