What is credit card terminology?

Usually referred to as APR, the annual percentage rate is the interest rate you are charged if you don’t pay off your credit card balance in full each billing cycle. Many credit cards have a range of APRs: balance-transfer APR, purchase APR, introductory APR, variable APR (defined below).

How do you read a credit card app?

How to scan credit cards on Android:

1. Open the ChargeStripe app on your Android device and enter an amount to charge.
2. From the Payment screen, tap the “Scan card” link.
3. Position your Android device to take a picture of the credit card.

What information is on a credit card application?

Information you need to apply for a credit card

• Full legal name.
• Date of birth.
• Address.
• Social Security number.
• Annual income.

Which best describes how a credit card works?

Which best describes how a credit card works? The credit card company extends you a line of credit. You purchase “stuff” and then have the choice to pay the balance in full or a minimum payment each month. Your entire minimum payment goes toward principal and the interest continues to compound.

Can a phone read a credit card?

If you have a smartphone — be it an iPhone or an Android-powered phone — you can use a portable card reader to take credit card payments anywhere you can get an Internet connection.

What are the terms of a credit card?

Here are a few key aspects of credit card terms to know. Credit limit. This is the maximum amount the credit card company allows you to charge on your credit card. Stay well below your limit, if you can—around 30% of your total limit may help your credit score over time.

What does a credit card statement look like?

What is a credit card statement? And what does a credit card statement look like? It’s basically a detailed billing information of your credit card usage with multiple pages of black and white text, sent to you by your bank or credit card issuer once a month .

What should I know before applying for a credit card?

Check for pre-approval offers before you apply for a credit card—with no risk to your credit score. Here are a few key aspects of credit card terms to know. Credit limit. This is the maximum amount the credit card company allows you to charge on your credit card.

How is the APR calculated on a credit card?

APR is the finance charge or interest rate you pay on purchases when you choose to carry a balance on your credit card. It’s calculated as a yearly rate, so if you want to know what percentage you would pay each month in interest, divide the APR by 12 months. If you have an APR of 24%, the monthly finance charge is 2%.