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| Name | 21 Important Credit Card Terms Explained |
| Video Uploader | Video From Finance Matters |
| Upload Date | This Video Uploaded At 27-06-2021 05:10:26 |
| Video Discription | In this video, we discuss 21 important credit card terms that you need to know to understand your credit card statements. I hope you will learn one thing or two and that it will help you understand better the contents of your credit card statements. Below are some of the most import credit card terms that you need to know. 1. Credit limit This is the available credit on your card. For example, if your account says your credit limit is $1,000 then it means you can only spend up to $1,000. If for any reason you end up exceeding this limit you will be charged some fees. 2. Available credit Available credit is the amount that is available for you to spend. It is based on the credit limit less the current balance less any pending transactions. 3. APR(Annual Percentage Rate) The Annual Percentage is the rate of interest you will pay if you did not clear your balances every. In other words, if you clear your balance every month you will only pay interest on the period in question. Actually there are cards that promise no interest if you clear your balance before the end of the month. However, if your card is not like this then you will pay interest over the period that balance has been owed. How To Calculate APR 4. Annual fee This is the fee that credit card companies charge yearly for premium cards. These cards offer some additional benefits than ordinary credit cards. Examples include airline cards. 5. Authorized user An authorized user is a person who has permission from the main cardholder to use a credit card. The authorized is free to pay for anything using the card in their name as if it was his own. However, the authorized user is not responsible for repaying the balance. That responsibility still falls on the main cardholder. 6. Balance Transfer credit cards This is when you get a new credit card and transfer balances from another credit card or cards to this card. This is usually done to take advantage of lower interest rates. In some cases, you may have a zero interest rate for a period on the new card. This way you avoid interest you would have paid had you stayed with the old credit cards. https://maestrack.com/important-credit-card-terms-explained |
| Category | Education |
| Tags | credit card terms | important credit card terms explained | credit card terminology | money coach |
