Credit card terminology these days has become rather complicated and credit card users should understand some of the key terms that are used, and exactly how they influence the charges associated with the cards use. Incentive programs, interest rates, compounding methods all combine to make the use of a credit card a potentially costly experience.
The first term that is very important when it comes to credit cards is Annual Fee. Some credit card companies charge more then just interest. Some card companies charge a fee, paid annually to the card holder just for the privilege of having the card. This charge is applied to the card, even if the card is not used. This fee may rage any where from $5.00 to $300.00 and is usually only found on credit cards that are tailored to the very high end market.
Another common term used by the credit card companies is Introductory rate or Intro rate. This term will be found on credit cards that are offering discounted interest rates as an incentive to the buyer to accept on of these cards. Usually this rate is substantially below the regular interest rate charged by the credit card company. Often this rate is valid for a limited...
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