| How do I find information about credit cards? |
| Written by lifang |
| January 15, 2008 11:47 |
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You can find lists of credit card plans, rates, and terms on the Internet, in personal finance magazines, and in newspapers. The Federal Reserve System surveys credit card companies every six months. You'll need to get the most recent information directly from the credit card company--by phoning the company, looking on the company's web site, or reading a solicitation or application. Under federal law, all solicitations and applications for credit cards must include certain key information, in a disclosure box similar to the one shown. 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 withing 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. |
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Credit Education