Understanding Credit Card Terms

Knowing about credit card terms is something you need to know to help you decide if you are ready to get a credit card. Here are the terms you generally find with most credit cards.

  • Average daily Balance: This is the daily balance on your credit card
  • Annual Percentage Rate: This is a rate you pay with each purchase you make with your car.
  • Balance Transfer: This is where you transfer the balance on one credit card to another to get lower interest rates.
  • Cash Advance Fee: This is where you get charged a fee for using an ATM machine.
  • There are other terms depending on who you get a credit card from.

These are just some of the terms, before you apply for a credit card, you should read all of their terms and agreements.

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