Credit Card information

1. Q. What is the definition of APR?

  • APR stands for Annual Percentage Rate. APR is the cost of credit expressed as an annual percentage. To determine the monthly periodic rate, divide the APR by 12 months. To determine a daily periodic rate, divide the APR by 365 days. Check out our 0% intro APR credit cards.

2. Q. What is an interest charge? When does it occur?

  • An interest charge is the sum of interest on your credit card account. The interest charge is broken down by transaction type: purchases, cash advances and balance transfers. If you pay less than the full balance, pay after the payment due date (or if your credit card does not have a interest free period) then you will pay interest on those purchases. Cash advances and balance transfers have no interest free period. This means they start accruing interest as soon as the transaction is made. This will result in interest due, even if your balance is paid in full.

3. Q. What is a Credit Limit?

  • The credit limit, also known as credit line is simply the maximum amount of credit available to you for purchasing goods and services.

4. Q. What is a Periodic Rate?

  • The Periodic Rate is a rate of interest charge that may be imposed by a creditor on a balance for a day, week, month or any subdivision of a year.

5. Q. What is a Cash Credit Limit?

  • The Cash Credit Limit is the amount from your Total Credit Limit available for cash advances. Generally, Bank Cash Advances consist of ATM cash Advances, Over the Counter (OTC) Cash Advances, Same-Day Online Cash advances, Overdraft Protection Cash Advances, Cash Equivalents, and applicable transaction fees.

6. Q. What does Cash Credit Line Available mean?

  • It is the amount of credit on your credit card that is currently available for you to use for cash advance transactions.

7. Q. How much is my Cash Credit Line?

  • You can view your Cash Credit Line on your statement, online on your credit card’s account details page or by calling customer service.

8. Q. What is a Credit Cardmember Agreement?

  • It states the terms and conditions of a credit card account and represents a binding agreement between you and The Credit Card Company. The Credit Card member Agreement also presents the annual percentage rate, the monthly minimum payment formula, annual fees and dispute resolution processes.
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