Credit FAQ
Credit FAQ
Here are some terms that many Arizonans should know about when working on financial independence and success.
- Annual percentage rate (APR)
This is the amount of interest you will pay on your credit card balance. To learn more about which credit cards work for you, click here
- Annual fees
A yearly fee for holding a credit card. Click here to see which credit card is for you.
- Application fees (or sometimes called processing program, account set-up or membership fees)
These are fees charged to your first statement for starting up your credit card. To find out more about the right credit card for you, click here.
- Credit limit
The amount of money you are allowed to charge on a credit card. Click to see which credit card you can get with a high credit limit.
- Credit reporting
A report history of all the payments you have made. Tip: Frequent credit reports of on-time payments will build your credit. To start good credit, click here to locate the best credit card for you.
- Late or over-the-limit fees
Fees for being late with your credit card payment or fees for going past the limit on your credit card. Fact: You will be charged monthly for the over-the-limit fee until your balance is brought down below your limit. Click here to find a credit card with a high credit limit, so you won’t experience these fees.
- Grace Period
The time between the close of the credit card billing cycle and the payment due date. It is usually 20 days. To begin a positive credit history, click here.
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