Balance transfer APR: This is the interest rate applied to balance transfers and may be equal to or greater than the purchase APR. Some cards may have no annual fee or waive the annual fee for the first year. Annual fee: The yearly fee charged for holding a credit card. We recommend always paying on time and in full to avoid interest and fees.įamiliarize yourself with these common credit card terms prior to using a credit card. You have the option to make the minimum payment, often $25 or $35, or any other amount up to your total balance. Any payments after the grace period will incur interest charges. You'll typically have a grace period, which is a minimum of 21 days from the end of a billing cycle, where you can pay off your balance interest-free. Your bill is due on the same date every month. 
Purchases typically take a few days to post, at which time the purchase amount will be added to your total balance.Įvery month, you'll receive a bill, which is comprised of all posted purchases for the past 27 to 30 days (depending on the length of your billing cycle). Once you make a purchase, it will show up as "pending" on your account balance.
You may also be able to use a mobile wallet, such as Apple Pay or Samsung Pay. A credit card can be used to pay for new purchases by swiping, tapping or inserting your card into a payment terminal, or entering your account info online.
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