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Be Sure To Understand All Credit Card Terms

Armen Hareyan's picture

Credit Card Terms

Did you know that in most states, credit card companies can change the terms of your credit card holder agreement with just 15 days' notice? To avoid finding yourself suddenly subject to new credit card terms, the Colorado Society of CPAs recommends that you carefully read the fine print in the flyers periodically inserted in credit card statements. Here are the basic elements of a credit card agreement.

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Credit card companies typically disclose the interest rate as an annual percentage rate (APR). Some lenders charge a fixed APR, while the interest rate on a variable rate rises and falls based on an index, such as the prime rate. Obviously, the lower the APR, the better, but be sure to carefully read the fine print. Many cards charge different APRs for purchases, cash advances and balance transfers. Other cards have a low