understanding credit

Transferring debt from one credit card to another

• variable-rate APR

• balance transfers

• APR

• credit limit

charged if the account balance covers over the credit limit

• annual fee

• APR

• over-the-limit fee

• introductory rate

The maximum amount of charges allowed to an account

• credit limit

• APR

• Late-payment

• Variable APR

the cost of credit expressed as a yearly interest rate

• APR

• variable APR

• annual fee

• credit limit

interest rate that may be charged right after a credit card account is opened

• introductory rate

• APR

• penalty APR

• annual fee

interest rate that may change depending on other factors such as a prime rate

• APR

• Intro APR

• Variable APR

• Late Payment

Yearly fee that may be charged for having a credit card

• annual fee

• late payment fee

• over the limit fee

• APR

charged when a cardholder does not make the minimum monthly payment by the due date

• penalty APR

• intro APR

• credit limit

• late-payment fee

Interest rate charged on new transactions if the penalty terms in the credit card contract are triggered

• credit limit

• over the limit fee

• penalty apr

• variable apr

credit card applications will always be accepted for the card they apply for but they may have to pay a higher interest rate

• true

• false