8. Introductory Rate – An interest rate offered by credit card issuers in the initial stages of a loan. These rates are often set much lower than standard rates to attract new cardholders. Make sure you know how long the introductory rate will last and what the standard interest rate will be once the introductory period ends.
|Total Purchase Amount
This is the balance due on your credit card
|Credit Card APR
This is the annual interest rate on your credit card.
This includes paying just the minimum monthly payment.
|Number of Months to Pay Off Purchase Amount
This is how long it will take you to pay off the entire balance.
|Total Finance Charge
This is the total amount of money you will pay just in interest.
This is the final amount you will pay for your purchase.