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Credit Cards

Annual Percentage Rate (APR)

Greetings, class. Today, we will be discussing an important concept in the world of finance: the annual percentage rate, or APR. This is the interest rate that is charged to credit card holders on any balances that are not paid in full by the due date. While some card issuers may advertise a seemingly low monthly interest rate, it's important to note that when calculated over the course of a year, this rate can reach as high as 43%.

Smart Card

Smart cards, aptly named for their advanced capabilities, are embedded with a computer chip that holds a whopping 16K of memory. These powerful cards have the ability to acc...

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Previous Balance

Credit card companies often use a method known as the 'previous balance' to determine the fees charged to their customers. This method takes into account the outstanding bal...

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Household Income

In the process of reviewing applications for joint credit cards, financial institutions carefully consider the total household income. This includes the combined earnings of...

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General Insurance

As a credit card user, it is important to understand that you are automatically provided with General Insurance by your issuing bank. This insurance offers financial protect...

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