As promised and as part of a series of articles on Credit Card Terms and Conditions today we will be looking at the general credit card terms you are likely to come accross in your search for the best credit card for you.
Credit Card Term – Interest Rates:
Interest rate per annum or annual percentage rate which is commonly referred to as APR will be expressed as a % per annum. When applying online for instant approval credit cards noting and comparing the interest rate per annum is clearly very important, as is considering the way you use your credit card in order to choose the best type of card for your needs. You are likely to see several different credit card interest rates expressed in the credit card terms for each card you compare as rates are seperated into types of purchases and usually a different rate will apply for each type of purchase. Below are some of the different interest rates you will see
- Introductory Interest Rate for Purchases
- Ongoing Interest Rate for Purchases
- Cash Advance Interest Rate
For detailed information on credit card interest rate terms see next weeks article
Credit Card Term – Balance Transfer Interest Rates:
Unless you’ve been living in a cave you’d be aware that many credit card providers offer introductory balance transfer interest rates to entice competitor credit card customers to their products and services. When looking at balance transfer credit cards it’s really important to note the interest rate that the balance will revert to and this will be discussed more closely in the upcoming credit card terms balance transfer article. The balance transfer introductory rate may be a low or even zero % rate that your outstanding balance will be charged at for a certain period. This brings us to the next credit card term you are likely to come accross.
Credit Card Term – Balance Transfer Term of Offer:
The term of the balance transfer offer will be expressed in a period of time. These are commonly 6 months, 9 months, 12 months and so on. The term usually commences from the date of the application and ends exactly 6, 9 or 12 months from that date. It is important to note that most credit card providers stipulate that the balance transfer must be applied for during the initial application.
Credit Card Term – Annual Fee:
The annual fee, like the name suggests is an annual fee charged by the credit card lender. The amount of the fee will vary widely and will generally depend on the type of card applied for and we will look at these also in more detail in the coming weeks.
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| ANZ Low Rate Purchases : 0% for 3mths (Offer ends 12.06.12) then 13.39% p.a. Balance Transfer: 0% for 3mths Annual Fee: $58 Interest Free Days: Up to 55 Cash Advance : 21.49% p.a. More Info |
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| ANZ Low Rate Apply Now |
