Credit Card Terms & Definitions

P

Penalty Apr
Purchase Intro Apr
enalty annual percentage rates (APRs) are high interest rates that can be triggered by the slightest infraction such as just one payment that is received a day late. Often these APRs range from 20% to 35%. Lenders increase borrowers' interest rate significantly and profit from their mistakes.
Purchase APR is the annual percentage rate that applies to outstanding balances on purchases made using a credit card. The purchase APR is the interest rate charged on the remaining balance for any purchases made with the card if the total balance of a credit card is not paid in full each month; when the balance is paid in full each month, no purchase APR finance charges are applied.

About icomparecards

About three-quarters of Americans have at least one credit card,In fact, the average person has 3.4 cards. But whether you have a wallet full of plastic or have never charged a purchase in your life, you should know how to apply for a credit card the right way when the time comes. getting approved for a credit card requires proactive planning that should start long before you apply. That's why icomparecards born, we aim to help you to find the right credit card, and then successfully apply a credit card.

How To Apply For A Credit Card

Credit card applications are straightforward, but you'll need to meet some minimum financial requirements to get approved for the best credit card offers. Learn how to apply for a credit online and what to expect after you click submit.

  • Knowing your credit score and what's on your credit report can help you determine what products to apply for. If you have fair credit, for example, you may not want to apply for a card that clearly states that only applicants with excellent credit will be approved.
  • If you don't have good credit, you may find it difficult to get approved for a card with a large sign-up bonus and a lucrative reward structure. Each credit card application ends up on your credit report, so the Nerds recommend using our credit cards comparison tool to find a card that fits your credit profile before applying.
  • If the card allows balance transfers, you may request to have balances transferred from other credit card accounts to the new card.
  • To apply for a credit card in the US, you’ll need a valid Social Security number and a positive credit history. The best rewards credit cards may require at least three to five years of good credit history, and some more than seven.
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