ItвЂ™s important to read the promotional terms carefully to understand restrictions and how long the promotional APR will last. This is typically an introductory APR that lasts a specified number of months and is generally a low or zero interest rate. This is the finance charge you pay for borrowing money on a credit card, generally listed on your statement as вЂњinterest charge.вЂќ Penalty APRДЄlso known as a default APR or default rate, this is an APR that a credit card issuer may apply to your account if you have a late payment, miss a payment, pay less than the amount due or have a returned payment (such as when you attempt to pay a credit card with a check but it bounces because of insufficient funds). For this reason, we recommend avoiding credit card cash advances whenever possible. Banks and issuers typically charge a higher rate for cash advances, and interest accrues the moment you take the advance. This is the APR charged for cash advance transactions, typically a higher APR than the one applied to regular transactions. What is the average APR on a credit card? Cash advance APR Spend some time with this guide and youвЂ™ll be a credit card expert in no time. Below, youвЂ™ll find the most-common and hardest-to-understand credit card terms all defined in an easy-to-read glossary. Intimidating, we know.ДЇortunately, weвЂ™re here to help. And if you want to know everything youвЂ™re getting with a credit card - its perks, fees, bonuses and, yes, even its restrictions - youвЂ™ll need to dig into the cardвЂ™s terms and conditions, an in-depth legal document filled with fine print and unfamiliar words.

When applying for a credit card, do you glance quickly at the credit card terms and conditions page and then go right back to the splashy offer page to read snippets about benefits, bonuses and rewards? If so, youвЂ™re not the only one.Д«ut the thing is, all those benefits and rewards come with limits. School yourself with this A to Z guide and graduate to more-enlightened credit card shopping and use.

You donвЂ™t have to shy away from reading credit card terms and conditions just because the details confuse you or make you break into a cold sweat.

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