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.