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- See annual fee.
- Browse Related Terms: Annual Percentage Rate (APR), Balance Transfer, Balance-transfer fee, Cash-advance fee, Interest rate, Membership fee, Participation fee
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The APR charged on new transactions if you trigger the penalty terms in your credit card contract. Your credit card issuer may consider you in default if you pay late, go over your credit limit, or if your check is returned. These rates usually are higher than your standard or introductory rates. If you become more than sixty days late, the penalty APR may be applied to your existing balance.
- Browse Related Terms: "Go-to" rate, Average daily balance method with compounding, Average daily balance method without compounding, balance, Daily balance method with compounding, Daily balance method without compounding, Daily periodic rate (DPR), Default APR, Interest-free period, Introductory APR, Penalty APR, Periodic rate, Purchase APR
All > Business > Finance > Personal Finance > Consumer Credit > Credit Card
Fees charged if you violate the terms of your cardholder agreement or other requirements related to your account. For example, your credit card company may charge a penalty fee if you make a late payment or if you exceed your credit limit.
- Browse Related Terms: Annual fee, application fee, Authorized charge, Credit-limit-increase fee, Late-payment fee, Over-the-limit fee, Penalty fees, Protected balances, Returned payment, Set-up fee, Workout arrangement
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- The rate you are charged each billing period. For many credit card plans, the periodic rate is a monthly rate, calculated by dividing the APR by twelve. For example, a credit card with a 24 percent APR has a monthly periodic rate of 2 percent.
- Browse Related Terms: "Go-to" rate, Average daily balance method with compounding, Average daily balance method without compounding, balance, Daily balance method with compounding, Daily balance method without compounding, Daily periodic rate (DPR), Default APR, Interest-free period, Introductory APR, Penalty APR, Periodic rate, Purchase APR
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A credit card that offers high credit limits and often has additional features like product warranties, travel insurance, or emergency services. It may also offer rewards, such as cash back or frequent-flier miles.
- Browse Related Terms: Affinity card, Credit counseling service, Opt-in, Opt-out, Premium credit card, Prime rate, Purchases
All > Business > Finance > Personal Finance > Consumer Credit > Credit Card
This is the U.S. Prime Rate published in the Wall Street Journal. If the Wall Street Journal no longer publishes a prime rate, we will use a similar published rate that we choose.
An index that represents the interest rate most banks charge their most credit-worthy customers. See index.
- Browse Related Terms: Affinity card, Credit counseling service, Opt-in, Opt-out, Premium credit card, Prime rate, Purchases
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All > Business > Finance > Personal Finance > Consumer Credit > Credit Card
Protected balances are amounts owing on the account that under law are not subject to an increase in interest rates or fees. In general, a protected balance includes any charge incurred before or within 14 days after we send notice of such an increase. If you receive notice of an increase in an interest rate, the notice will tell you the charges to which the new rate will apply.
- Browse Related Terms: Annual fee, application fee, Authorized charge, Credit-limit-increase fee, Late-payment fee, Over-the-limit fee, Penalty fees, Protected balances, Returned payment, Set-up fee, Workout arrangement
All > Business > Finance > Personal Finance > Consumer Credit > Credit Card
The APR you will pay for purchases if you carry a balance on your credit card. For many cards, you only have to pay interest on purchases if you carry over a balance.
- Browse Related Terms: "Go-to" rate, Average daily balance method with compounding, Average daily balance method without compounding, balance, Daily balance method with compounding, Daily balance method without compounding, Daily periodic rate (DPR), Default APR, Interest-free period, Introductory APR, Penalty APR, Periodic rate, Purchase APR
All > Business > Finance > Personal Finance > Consumer Credit > Credit Card
A purchase is the use of your card to buy or lease products or services. The purchase of cash or cash equivalents, like casino chips or lottery tickets, is a cash advance, not a purchase.
- Browse Related Terms: Affinity card, Credit counseling service, Opt-in, Opt-out, Premium credit card, Prime rate, Purchases