Please answer ALL question and EXPLAIN your answer to get full rating. Thanks. C
ID: 2982784 • Letter: P
Question
Please answer ALL question and EXPLAIN your answer to get full rating. Thanks.
Explanation / Answer
Cannot recall Effective APR and Corresponding APR, but I can help answer your questions about the standard APR. non-promotional APR is the regular rate you get charge every time you make a standard purchase. Use your card at a retail store. Most credit cards charge Prime+x%. The current prime rate is 3.25%. So if you apply for a card, or your current card say your rate is Prime+5.99%, then your real rate is 3.25 + 5.99 = 9.24% Balance Transfer promo are always different. You can find promos that offer 0% for 6 months, or 2% for 1 year. Watch out for the 0%, because they charge a balance transfer fee. Cash Advances are the highest rate. Normally, cash advance APR is about 23.99% and up. Also remember, when you start making your payments, the way credit card companies allocate payment is normally paying first the promo or balance transfer rate. Then purchases, and at the end, Cash Advance. If you pay the balance off in full each month, you don't get charge interest for purchases, but you will still get charged interest on the other to APRs.
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