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Credit Card Applications - What to Check


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Credit card applications contain a surprising amount of information - if you know where to look for it. And you really should look for it. Money experts say that most people shop more carefully for their washing up liquid than they do for their credit cards. When you apply for a new card, take the time to check each aspect of the financial agreement you sign before sending in your application. The Summary Box will tell you most of what you need to know to make a good decision when you apply for a credit card.

Typical APR - The typical APR is the annual percentage rate that is extended to at least two of every three applicants approved.

Other Interest Rates - This is where you'll find out about promotional or introductory interest rates, as well as the interest rates charged for new purchases, for balance transfers and for cash advances.

Interest Free Period - The number of days you have interest free after making a purchase can affect how much you end up paying in interest. It is possible, by timing your purchases and payments well, to avoid paying interest at all.

Interest Charging Information - This box explains how interest will be charged to your outstanding balance, including when the interest will be added to your balance.

Allocation of Payments - This section tells you how the credit card company will apply your payments to your outstanding balance.

Minimum Monthly Repayment - This box will tell you the least amount that you may pay back each month.

Amount of Credit - The total credit limit on the card for which you are applying

Fees - If there are any annual fees for using the card, you'll find them here.

Charges - This section will list all the charges you'll pay for different services when using your card. These include balance transfer fees, handling fees for cash transactions and foreign exchange fees.

Default Charges - These are the penalties and charges you'll pay for late payments, returned cheques and the like.

Learn to read the Summary Box when you apply for a credit card and you'll find that you're choosing the best credit cards for your needs every time.

Jon Francis has been involved in various areas with the world of finance and has a keen eye for a bargin! He has an in-depth knowledge of the credit cards and now helps others get the best from a credit card .


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