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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%.

Billing Cycle

A billing cycle, also known as a statement cycle, refers to the number of days between the previous and current statement sent to a credit card holder. These cycles usually ...

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Entrance Fee

As you navigate the world of credit cards, you may come across the term "entrance fee" or "joining fee". This fee, which is payable upon approval of your credit card applica...

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Billing Statement

Credit card companies regularly send a statement to their customers detailing their spending, outstanding payments, and any finance charges. This statement also includes an ...

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Zero Balance

When a credit card holder has paid off all their outstanding balances and has not made any new purchases during the billing cycle, their bill will reflect a zero balance. Thi...

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