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Good Credit Badge terms
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Terms in this set (8)
A charge for borrowing money, most often based on the percentage of money owed.
Fixed interest rate
When the interest you are charged on borrowing money remains consistent.
Variable interest rate
When the interest you are charged on borrowing money changes based on outside influences.
Annual percentage rate. APR is the amount of interest a cardholder pays in a year in addition to the regular balance. It's important to note that an APR can be fixed or variable.
The maximum amount of money you can borrow.
The time between your purchase and the point where you start having to pay interest on the amount you borrowed.
Credit cards require that you pay a minimum amount of money on what you owe each month. Remember though, you will be charged interest on the amount you don't pay.
Many credit cards, particularly those that offer rewards like airline miles, charge an annual fee to use the card. This is important to pay attention to, as the fee can be more than any rewards you might be able to use.
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