|
Sitemap
| |
Fixed APR Credit Card |
CITICARD
|
A citicard is a credit card
issued by Citibank. Qualified customers can get 0% APR.
|
|
The annual percentage rate -
APR - is the way of stating the interest rate you will pay
if you carry over a balance, take out a cash advance, or
transfer a balance from another card. The APR states the
interest rate as a yearly rate. |
Multiple APRs -
A single credit card may have several APRs:
One APR for purchases, another for cash advances, and yet
another for balance transfers. The APRs for cash advances and balance
transfers often are higher than the APR for purchases (for example,
14% for purchases, 18% for cash advances, and 19% for balance
transfers).
Tiered APRs. Different rates are applied to different levels of
the outstanding balance (for example, 16% on balances of $1-$500 and
17% on balances above $500).
A penalty APR. The APR may increase if you are late in making
payments. For example, your card agreement may say, "If your payment
arrives more than ten days late two times within a six-month period,
the penalty rate will apply."
An introductory APR. A different rate will apply after the
introductory rate expires.
A delayed APR. A different rate will apply in the future. For
example, a card may advertise that there is "no interest until next
March." Look for the APR that will be in effect after March.
Pre Approved Credit Card Offer
|
|
If you carry over a part of your
balance from month to month, even a small difference in the APR can
make a big difference in how much you will pay over a year.
Fixed vs. variable APR
Some credit cards are "fixed rate"--the APR doesn't change, or at
least doesn't change often. Even the APR on a "fixed rate" credit card
can change over time. However, the credit card company must tell you
before increasing the fixed APR.
Other credit cards are "variable rate"--the APR changes from time to
time. The rate is usually tied to another interest rate, such as the
prime rate or the Treasury bill rate. If the other rate changes, the
rate on your card may change, too. Look for information on the credit
card application and in the credit card agreement to see how often
your card's APR may change (the agreement is like a contract--it lists
the terms and conditions for using your credit card).
Source: FRP
|
|
Fixed APR Credit Card |
CITICARD
|