Glossary: Interest Rates & Fees

A fee charged by a credit card company when you transfer your debt from one credit card onto another credit card. In many cases this fee is…

When cancelling or closing an account, you may be charged this processing fee. This fee can be $295 or more for traditional credit cards so…

Most credit card issuers will issue replacement cards for free, but there can be costs associated with lost cards, such as checking an…

A fee charged by a credit card company when you use your credit card to get cash advances. In many cases this fee is 3% of the cash advance…

If you use the balance transfer service and make a late payment on the balance transferred, have a payment returned, or exceed your credit…

When your credit card is in default, a default, or penalty APR will be applied. Usually there is one default APR for purchases, balance…

If you violate the terms of your agreement by making late payment, not making a payment at all or paying less than the minimum amount due,…

The fee which is charged when you withdraw money from ATMs that are owned by your network or issuer or are in partnership with your card’s…

A domestic purchase is a purchase that is made locally. Card issuers usually never charge a fee for domestic purchases but this fee could…

A foreign transaction fee will apply to purchases made in another country, unless your credit card offers no foreign transaction fee. Most…

A fee charged by a credit card company on purchases made in a foreign currency. Usually foreign exchange fee is 3% of the amount of each…

All ATM withdrawals from foreign countries carry fees. When you visit an ATM in another country, you are likely to be charged a foreign…

An initial low rate, often a zero-percent rate, will be offered for balance transfers on many credit cards. If payments are made on time…

The promotional rate that may be offered on cash advances from a credit card company. Cash advance rate APRs are generally high and most…

Often a credit card issuer offers a low or zero percent APR on purchases for a limited time, known as an introductory period. This…

A period of time during which the Introductory APR is in effect. The interest rate will usually go up after the end of the Introductory…

If payments are not made on time, all credit card companies will charge a late payment fee. This fee is often around $35, though it varies…

A cash advance will almost always have a minimum amount of interest charged, no matter how small the withdrawal or how quickly it’s paid…

The minimum interest charge on purchases will be charged when there is no grace period or introductory rate that applies. It may be…

A monthly maintenance fee may be charged by some credit card issuers for processing and issuing billing statements. A card issuer may…

An ongoing annual percentage rate (APR) on balance transfers will apply to any balance transferred from one card to another. If your credit…

The Annual Percentage Rate (APR) determines what you will pay in interest charges each month. The ongoing APR on cash advances is always…

The ongoing APR is the annual percentage rate that is charged on purchases and balance transfers after any introductory offer expires. It…

There may be a fee for checking your balance at an ATM owned by a different bank, so be sure you’re not paying to make a balance inquiry….

Most credit card companies will send you a paper statement in the mail unless you sign up for electronic billing, or statements by email….