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APR stands for Annual Percentage Rate, and is an interest rate expressed in terms of a year. This is a standard unit for measuring an interest rate, just like "miles per hour" is a standardized way of measuring speed. When a card's APR is divided by 12 (to get a monthly rate), and that rate is multiplied by an account's average daily balance, it results in the interest charges that must be paid when cardholders carry a balance on their credit card.
Cards can have separate APRs for purchases, balance transfers and cash advances. Some cards even offer an introductory APR that is valid for a limited period of time when a new account is opened. In addition, most cards impose a higher penalty APR when cardholders fail to make a payment for 60 days.
Credit cards seem like simple financial instruments, but they arrive with pages of fine print that use terms more suited to a law office than a kitchen table. Here are some key terms you need to know.
A Balance Transfer is when cardholders pay off one card by making a charge to another. Promotional balance transfers offer lower interest rates for a limited period of time, allowing cardholders to save money by paying off their balance on cards that have a higher interest rate.
A Grace Period is the time period after a statement period closes when cardholders can pay their statement balance in full without the risk of accruing interest.
A Foreign Transaction Fee is imposed on all charges processed outside of the U.S., regardless of where you are, or what currency you use. Some credit cards offer the benefit of no foreign transaction fees.
For more information, see Credit Card Terms Everyone Should Know.
Rejection hurts, even when a credit card issuer rejects an application using an automated system. To improve your odds of being approved for a new account, try these steps. First, request your free credit score from Credit.com to find out where your creditworthiness stands. Next, learn which credit cards are designed for those with your credit profile, so that you only fill out applications that are likely to be approved.
When filling out the application, be sure to list all forms of household income, including investments, child support, alimony payments and the income of your spouse or domestic partner that if it can be used to pay the credit card account. And if your application is initially rejected, be sure to call the card issuer and ask for reconsideration. in many cases, aplicants may be able to reallocate their credit lines or offer other information that results in approval.
Americans are lucky to be offered hundreds of competing credit cards, but it can be difficult to find the right one to suit your needs. Therefore, it's important to know what your spending habits are in order to choose the card that makes the most sense for you.
Cardholders who carry a balance should look for a card with the lowest interest rate, and possibly one with 0% APR introductory financing. A lower interest rate means you will pay less money toward interest charges as you pay down the balance. Meanwhile, those who can avoid interest charges by paying their balances in full every month should choose a card that offers the most valuable rewards in the form of points, miles or cash back.
Make sure you also generally meet the credit issuer's criteria. It's a good idea to know what your credit score is so that you can target your search to a card you're more likely to get approved for.
You should consider any benefits offered by the card, such as purchase protection or travel insurance. Finally, applicants should also take into account any applicable fees -- such as annual fees and foreign transaction fees.
There is no best time of year to apply for a credit card, so the right time will vary for each individual cardholder. A good rule of thumb for building or maintaining good credit is to apply for credit only when needed, keep credit card balances low or paid off whenever possible, and make on-time payments with all creditors.
However, applicants with excellent credit (a 750+ FICO score) might also choose to apply for a new card if they feel that they can benefit from a card's rewards, benefits or other terms. Those with credit scores below that should be sure to only apply for cards that they are likely to be approved for, or just wait until their credit has improved enough to ensure they meet the credit issuer's criteria.
Furthermore, anyone who is considering applying for a home mortgage should wait until they have closed on their loan before applying for a new credit card. While new credit card applications do not have a major impact on credit scores, mortgage lenders do not like to see applicants requesting new lines of credit before they close on their loan.
†Advertiser Disclosure: The credit card offers that appear on the website are from credit card companies which Credit.com receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). The site does not include all credit card companies or all available credit card offers.
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*For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While Credit.com always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
** FICO scores and credit scores are used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any credit card offer.
†Advertiser Disclosure: The credit card offers that appear on the website are from credit card companies which Credit.com receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). The site does not include all credit card companies or all available credit card offers.
Discover credit cards designed to meet the specific spending & credit needs of students.
Even with bad credit, you may still have credit card options. See what cards may be available to you.
Discover your credit cards options if you have good credit, explore the available features & perks.
With these reward cards, you can earn cash back, hotel points, airline miles & more perks.
Consolidate all your credit card balances -- some cards include 0% intro on balance transfers.
If you carry balances on your card, then a low-interest credit card could be a good option.
These cards provide a great way for you to earn frequent flyer miles when you travel or spend.
Get rewarded with cash back and rebates when you use these credit cards for everyday spending.
These cards allow you to earn points or cash back on gas purchases when you spend.
Discover credit cards options & perks available to those with excellent credit.
No annual fee cards can be a good option, for those that have strong credit.
Shop & compare credit cards that may help you to build or rebuild your credit.*
* Rebuilding your credit history may be possible if you make on time payments to all your creditors and keep your account balances low relative to the credit limit.
†Advertiser Disclosure: The credit card offers that appear on the website are from credit card companies which Credit.com receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). The site does not include all credit card companies or all available credit card offers.
