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March 18, 2013


Choosing a Credit Card

How should I judge the APR shown in the solicitation?

The law requires credit grantors to quote the APR and to tell you the balance calculation method they use to figure the finance charge you pay. Since credit grantors use many different methods to compute that balance to which the APR is applied, credit grantors who quote identical APRs may charge you very different dollar finance charges each month. It depends on how you use the account and how they calculate the unpaid balance for assessing the charge.

>>What information do I have a right to?
>>How should I judge the APR shown in the solicitation?
>>Can I avoid paying a finance charge?
>>Does the APR on a credit card always stay the same?
>>Is there a charge each year for the right to use a credit card?
>>What other fees and charges should I look for on the disclosure statement?
>>In shopping for a credit card, I found that one credit card issuer charges a higher rate than that allowed by my state law. How can that be?

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