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Credit - Head Matters


1. Benefits and Costs

f. Explain How Credit Card Disclosure Information, such as Grace Periods and Methods of Interest Calculation, Affect Borrowing Costs.

Luis, Hailey, and Chester have different credit cards: the terms of each are different. The following table shows you how their three cards vary.

Make sure that you are looking at all of these different factors and loan terms when you are choosing a credit card. You will find the terms on the back of the credit card application.  Keeping a good credit rating and reading the fine print of credit card disclosure statements can help keep you from paying someone else money you could use.

Characteristic Luis Hailey Chester
Interest rate (APR)* 9.99%
23.99% (if 2 months late)
8.99% 7.99%
Interest rate for cash advances 23.99% 19.99% 18.99%
Annual fee $48 $0 $0
Other fees Setup fee: $29
Program: $95
Monthly: $6
Credit increase fee: $2
Over limit fee: $25
$0 $0
Late fee $25 $15 $15
Grace period** 25 days 20 days 20 days
Credit rating needed Poor credit Good Excellent
*APR: Annual percentage rate plus certain fees and charges
**Grace period: A time period during which a borrower can pay the full balance of credit due and not incur any finance charges.

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