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How Credit Affects You
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Additional Resources
Module 2
How Credit Affects You
Basics of Credit
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Comparing Credit Cards

Choosing Which One is Best for YouUse this chart to help evaluate credit card offers. Review the pricing and terms of several credit card offers including fees and rates of the offers. Once you have completed the chart, review all the offers. Which card has the lowest APRs? Do they all charge annual fees? How long is the grace period? Select the card that comes with the lowest fees and rates. An example has been provided for you.

Download NowDownload Comparison Chart now.
Credit Card Name Example Card X Card X
Annual Percentage Rates (APRs) – The interest rate reflected as a yearly rate, taking into account points and other fees
  • Introductory APR (below-market interest rate offered to entice customers) and timeframe
 No introductory rate. 15,000 free miles
  • APR for Purchases
 18.24%
  • APR for Cash Advances
 24.24%
  • APR for Balance Transfers
 7.99% for 6 months
Grace Period – The time allowed for making late payments without a penalty At least 20 days
Annual Fee – Most issuers charge annual membership or participation fees $85
Late Payment Fee – A fee charged when the minimum payment is not submitted by the due date $15 on balances up to $99.99; $29 on balances up to $249.99; $39 on balances over $250
Over-the-Limit Fee – A fee charged for exceeding the credit limit on the card 13.99% charged on the advance
Credit Limit – The maximum amount that can be charged to a credit card account $2,000
Special Features – Rebates, frequent flyer miles, etc Frequent flyer miles
Universal Default Rate – The rate that an issuer will charge if you’re late making other credit payments 32.24%
Download Comparison Chart now.Download Now

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