Available credit: Calculated based on the credit limit, minus the current account balance plus ongoing transactions. This is the loan amount that you can use at any time. However, remember that in the event of a cash advance, the interest rates may be higher than the interest rate calculated for purchases with your card. In addition, there is often no additional time for cash advances, so interest is incurred from the day you take the advance. In addition, your financial institution may charge a transaction fee for each advance. Additional period: an additional period is a period during which no interest is calculated. This is usually between the end of a credit card`s billing cycle and the payment due date. If you pay your credit card balance on or before the due date, you don`t have to pay interest. Courtesy periods generally only apply to purchases, not cash advances. The website may only be used for the following purposes: to obtain information about a card; obtaining and submitting card applications; and, if applicable, to check the status of your card account online and obtain online customer service support with respect to your card account.
However, if you learn basic terminology, you can better understand how credit cards work – and ultimately, you help to be smarter in your use of your plastic. Here are some of the most common credit card terms: Ask for the terms and conditions of sale of your existing account by email….