- Grace period, which is the period of time before finance charges kick in for a billing cycle
- Late fees, typically ranging between $15 and $40, charged if a payment is submitted after the grace period
- Over-the-limit fees, which are charges assessed if a consumer exceeds his credit limit during a given period
- Annual percentage rate (APR), a yearly percentage rate for finance charges
- Finance charge, an interest charge assessed based upon a fixed or variable rate agreed to during the application process
- Annual fee, a flat membership charge applied to certain cards on an annual basis--many issuers offer no fee options or waive these charges for good customers
- Cash-advance fees, which are charges applied against your account when you use it to withdraw cash
- Introductory rate, a low or no interest APR promised for a specified period (usually three to six months)
Experts urge consumers to shop around for a charge account with the same diligence they do a major purchase. The U.S. Citizens for Fair Credit Terms, a non-profit consumer group, offers research-generated credit card ratings online. In addition, the Federal Reserve Board offers documents that help applicants determine which card offer is best for them.
You can find credit card offers and a simple, online application process at Credit Card Applications. This site provides personalized account comparisons, including offers for no annual fees, zero-percent introductory rates and comprehensive rewards programs.