This article published on cnbc.com gives the key terms that any credit card user must be familiar with. The article not only covers the terms but gives the reader some ideas on what to look out for when dealing with the varying terms and conditions.
Questions for Discussion.
- What does balance transfer mean in the context of credit cards?
- Which feature of the credit card comes with high fees and high interest rates?
- What are the different fees that one can incur when using a credit card?
- What is meant by the term “floor” when it comes to credit card payments, and what is the most common amount when it comes to the floor?
- What might trigger an increase in the variable APR rate of a credit card?