Like any topic in life, there are so many questions that go unanswered. When you finally get the answers, it helps better understand the situation. To help better understand students and credit cards, we have compiled a list of a few of the top questions students have asked and put answers to them to help better your understanding.
What is the APR Rate?
The APR rate is known as the annual percentage rate. To put it in very simple terms, this is the rate youre going to pay on unpaid balances. Lets say for the month of March, you have a $500 bill and you pay off $300. This will leave you with $200. Now, lets say your APR rate is 20%. You will apply 20% to that $200 that you didnt pay. If you didnt buy anything for the whole next month, your bill total will be $240.
This is why its important to pay off your bill in time. If you fail to pay off your bill in full each month, the finance charges will hit you hard. This of course, is how the credit card companies stay in business. They rely on people like you.
What is the annual fee?
An annual fee is like a membership fee. Youre going to pay this fee yearly regardless of how much you use your credit...
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