credit cards

9 questions before choosing a credit card

What's the regular APR?
Next
5 of 10
Back
What kind of rate and credit line can I get?

According to the Credit Card Accountability, Responsibility and Disclosure Act of 2009, if a card offers a lower interest rate during an introductory period, the promotional rate has to last at least six months. While that introductory offer may be appealing, the regular rate is what you're really buying.

So find out when the introductory APR expires and what the new rate will be. You can find this information online in the terms and conditions for the card or you can ask a service representative.

Another smart question: How long is that grace period? "Some cards start charging interest immediately," says Edelman. A card can have different grace periods for balance transfers and cash advances than it does for purchases.

You can find information about the grace period in the credit card offer, thanks to federal rules that took effect in 2010. Look for a summary table of rate and fee disclosures, which will include a statement that explains how to avoid paying interest.


 

 

advertisement

Show Bankrate's community sharing policy
          Connect with us
Product Rate Change Last week
Balance Transfer Cards 15.66%  0.01 15.67%
Cash Back Cards 16.36%  0.03 16.33%
Low Interest Cards 10.87% --0.00 10.87%
 
Search
advertisement
CREDIT CARD WEEKLY NEWSLETTER

Get advice for managing credit cards, building your credit history and improving your credit score. Delivered weekly.

advertisement

Blog

Jeanine Skowronski

Smartwatch app answers: Which card?

A smartwatch app from Wallaby Financial can recommend what credit card to use based on rewards, balances and credit utilization.  ... Read more

Partner Center
advertisement

Connect with us