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May 09, 2007
Credit Card APR Wuzzup
Credit card APR's can be very confusing for most so let's chat a bit about what all these freakin' APR's mean. It's bloody confusing for most because every credit card has several APR's attached to it
1. Intro APR's - Introductory rates are used as short term bait to gain you as a client. Every bank offers an incredibly low APR to attract you as a customer. Intro rate usually are for 6 to 12 months and come with many outs for the bank. Default on a single payment and kiss off the intro rate
2. Purchase APR - A rate you pay when you make a purchase of a product with you credit card
3. Cash Advance APR - Draw cash from your credit card and you will pay a very different rate from purchasing products on your credit card. Big time hint: Never use your credit card for cash advances, the banks are going to hammer you this.... Did I mention, never use your credit card for cash advances
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