Credit Card Terms

When applying for a credit card you will be starting your first line of credit with them. You want to keep in good standings with them because they report to the credit bureaus. Here are a few other terms you should know:

  • Average daily balance: this is how they would calculate your payment.
  • Balance transfer: this is where they move one unpaid balance from one card to another that offers better rates
  • Cash-advance fee: check to see how much they charge to get cash advances
  • Finance charge: this is there interest charges to use the card
  • Over-the-limit fee: this is a few for going over the pre-approved limit the set for you.

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