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APR - Different Rates For Different Spends

Aug 22, 2008
Do you know what the APR's are on your credit cards?

Many credit card companies calculate APR (annual percentage rate) based on the type of transaction made. In order to keep yourself out of debt consumers need to know the APR of their card along with what additional fees that can occur to make sure they are not digging themselves deeper into debt.

For example, some companies allow their customers to pay their bill by phone - but charge a fee of $1.50 or more to do it! Stay away from paying by phone. Most companies charge for a statement if one was lost in the mail. Others have fees for reviewing statements and answering questions. In the end the telephone may make them more money than pushing the buttons for automated assistance.

All these charges translate into one important action you, as a consumer must take before applying for, opening or accepting any credit card account. You must read and understand all the Terms and Conditions to avoid needless fees and overcharges.

Even though a company may advertise - FREE ONLINE access, you must understand what they mean be FREE. Annual fees are other cost that needs to be carefully evaluated especially since many companies claim to offer NO Annual Fees. Examine your bill every month, the company could not charge for only the first year.

Cash advances are other slippery area for extra fees to creep into your bill. Some have no charges in the cash advance comes from the "in network" ATM. Out of network you could be accessed a $3.00 fee for a cash advance. This makes grabbing $20 a costly adventure. Again cardholders need to be familiar with the Terms
About the Author
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