How Do I Find Out About My Credit Card Terms and Conditions?

The main credit card terms and conditions are summarized in the disclosure box.

When you make credit card comparisons to find new credit card offers, the card application will include some important information with which you should familiarize yourself. The main credit card terms and conditions will be listed in the disclosure box. Under federal law, all applications for credit cards need to include key information in a disclosure box that is similar to the example below:

Annual percentage rate - APR for purchases	2.9% until 11/1/06 after that, 14.9%
Other APRs	Cash-advance APR: 15.9% Balance-Transfer APR: 15.9% Penalty rate: 23.9% See explanation below.*
Variable-rate informtion	Your APR for purchase transactions may vary. The rate is determined monthly by adding 5.9% to the Prime Rate.**
Grace period for repayment of balances for purchases	25 days on average
Method of computing the balance for purchases	Average daily balance (excluding new purchases)
Annual fees	None
Minimum finance charge	$.50
Transaction fee for cash advances: 3% of the amount advanced Balance-transfer fee: 3% of the amount transferred Late-payment fee: $25 Over-the-credit-limit fee: $25
* Explanation of penalty. If your payment arrives more than ten days late two times within a six-month period, the penalty rate will apply. ** The Prime Rate used to determine your APR is the rate published in the Wall Street Journal on the 10th day of the prior month.

 

Glossary: Explanation of disclosure box terms:  This glossary explains some of the credit card terms and conditions found in disclosure boxes. APR for purchases. The annual percentage rate (APR) that you will be charged if you carry a balance from month to month. It is also known as the yearly interest rate. If the APR is 16%, then you are paying 16% per year on your outstanding balances. If the card has an introductory APR rate, you will see both that rate and the rate that applies after the introductory rate expires. Other APRs. The APR rates for cash advances, balance transfers, as well as your APR if you make late payments. There may be more information about the penalty rate for a late or missed payment listed outside the disclosure box in a footnote. In this example, if two payments are over ten days late within a six-month period, the APR increases to 23.9%. Variable rate information. If your card’s APR rate varies, then this tells how that rate is determined. More information may be stated outside the disclosure box. Grace period for repayment of balances for purchases. The grace period is the number of days that you have to pay your bill for purchases in full without having to pay interest. Method of computing the balance for purchases. This describes how your balance will be determined if you carry a balance from month to month. Annual fees. You may have to pay a yearly charge for your card. Many cards do not have an annual fee. Minimum finance charge. The minimum, or fixed, finance charge that will be imposed during a billing cycle. Usually you only pay a minimum charge if you carry a balance. Transaction fee for cash advances. The fee that you must pay for ATM withdrawals and credit card checks. Usually this is about 3% of the cash advance. There is usually a minimum charge for a small cash advance.       Balance transfer fee. The fee that you pay when you make a balance transfer. Even if you have a 0% introductory offer for balance transfers, there is usually a fee that you pay when you make the transfer. Late payment fee. If you make a late payment, you will be charged a fee. Over-the-credit-limit fee. If your purchases, interest and fees are higher than your credit limit, then you are charged this fee.

 

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