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Before you apply for a credit card, shop around to make sure you're getting the best deal for you. Annual Percentage Rate - The APR is a measure of the cost of maintaining a balance on your credit card, expressed as an annual rate. At the latest, you must receive information about the applicable interest rates before you become obligated on the account (i.e. use the credit card), and about any limitation on how much and often your credit card interest rate may change. Credit Card Grace Period - The grace period lets you avoid finance charge by paying your balance in full before the due date. If you are planning to pay your credit card balance in full at the end of each billing period, it is very important to know whether a grace period is offered, the length of the grace period and whether it applies only to purchases, or if it applies to cash advances as well. If the card includes a grace period, the credit card issuer must mail your bill at least 14 days before the due date. Annual Fees and Transactional Fees - Some credit card issuers charge an annual membership fee, ranging from $25 up to $100 in most cases. Some "gold" or "platinum" cards may charge up to several hundred dollars in return for special membership benefits. A credit card may include other costs as well, such as cash advance fees, late payment fees, or over-the-limit fees if you exceed your credit limit. These fees can add up quickly, and can push you over your credit limit, thereby generating more fees. Computation of Credit Card Finance Charges - If you expect to carry a balance, it's important to know what method the card issuer uses to determine the balance upon which your finance charge will be calculated. Average Daily Balance - Your daily balances are added together, and then divided by the total number of days in the billing period to get the average daily balance. Adjusted Balance - Your balance is calculated by subtracting payments or credits from the balance at the end of the prior billing period. |