FYI : Credit card applications

Credit Card Applications

Certain key pieces of information must be included in every credit card application or solicitation. Look for a disclosure box similar to the one below for information about interest rates, fees, and other terms for the card you are considering.

Sample credit card application information

Annual percentage rate (APR) for purchases 2.9% until 11/1/00
after that, 14.9%
>Other APRs Cash-advance APR: 15.9%
Balance-transfer APR: 15.9%
Penalty rate: 23.9% See explanation below. *
Variable-rate information Your APR for purchase transactions may vary. The rate is determined monthly by adding 5.9% to the Prime Rate **
Grace period for repayment of balances for purchases 25 days on average
Method of computing the balance for purchases Average daily balance (excluding new purchases)
Annual fees None
Minimum finance charge $.50
Transaction fee for cash advances: 3% of the amount advanced
Balance-transfer fee: 3% of the amount transferred
Late-payment fee: $25 Over-the-credit-limit fee: $25
* Explanation of penalty. If your payment arrives more than ten days late two times within a six-month period, the penalty rate will apply. ** The Prime Rate used to determine your APR is the rate published in the Wall Street Journal on the 10th day of the prior month.