In order to understand how to choose the best credit card you should be familiar with the following terms:

APR or Annual Percentage Rate - the amount charged for borrowing money.

Grace Period Rate - a period of time during which you are not charged interest on your purchases.


Introductory Rate - an APR lower than your standard rate which expires after a certain amount of time

Balance Transfer Rate - an APR, typically lower than your standard rate, applied to balances transfers from another credit card to your current card

Compare low interest cards to get an idea of what’s available.

Cash Advance Rate - an APR, much higher than your standard rate, which is applied to cash borrowed from your credit card company

Annual Fee - the amount you are charged to have the card for a year

Late Fee – fees charged for not making your monthly payment on time

Balance Transfer Fee - a fee charged for a balance transfer.

Find out more information and practical tips on credit card interest rates and credit card fees.