Credit Card Basics Understanding Five Main Credit Card Terms
Credit cards are easy, right? You have a credit limit. As long as your balance isn’t as high as your credit limit, you can pay for things with your credit card. When you pay for something with your credit card, you don’t have to pay for it until later. You pay interest on your credit card balance and as long as you don’t go over your credit limit, everything’s fine.
Well, not quite. Here are some of the most frequently asked questions about credit cards – and their answers, of course.
What’s interest?
In a nutshell, interest is money that you pay a lender for the privilege of using HIS money to buy something.
What’s this about ‘interest rates’ and percentages?
The interest rate is a way of determining how much you’re paying for borrowing money on your credit card. It’s stated as a percentage of the outstanding balance on your card, usually as an APR or annual percentage rate. The lower the APR, the less interest you’re paying on the amount you owe.
Okay – so why would anyone choose a credit...
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