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Both the minimum monthly payment and the account balance are stated on the credit card statement. The monthly minimum percentage can be calculated by dividing the minimum monthly payment by the account balance.

Closing Date. The last day that transactions are posted on your account for that month.

ATM Card. A card used in an automated teller machine (ATM) which may access a credit or a debit account to complete banking inquiries and fund transfers between accounts.

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Obtaining Credit Cards After Bankruptcy:

Two-cycle Balances. Issuers sometimes use various methods to calculate your balance. This is just another computation method that credit card issuers use to calculate account balance. This balance is calculated by taking the sum of the average daily balances for two billing cycles. The first balance is for the current billing cycle and the second balance is for the previous billing cycle.

Previous Balance. This is the amount you owed at the end of the previous billing period. Payments, credits and new purchases during the current billing period are not included. Some creditors also exclude unpaid finance charges.

You may use either your married name or your maiden name or both when applying for credit.

Daily Periodic Rate. your annual interest rate expressed on a daily basis. It equals 1/365th of your annual percentage rate.

A number of credit card issuing banks will charge a currency convertion fee for purchases overseas. Since not all of them do this, it is worth your time to find a company which does not charge such a fee when you shop for a card. The currency convertion fee may be 1 or 2 percent of the amount charged. In countries where the dollar is particularly powerful, this tends not to be significant, in the big picture. In other nations, it can be a worthwhile consideration.

FAQ about credit cards

Travel and Entertainment Cards: T&E cards includeDiners Club® and American Express®. They differ from regular credit cards in that they require that customers pay their outstanding balances each month. They also tend to have high annual fees and to be accepted in far fewer places than credit cards from VISA, MasterCard and Discover. Because of their exclusivity, however, T&E cardholders usually obtain special benefits and incentives from card issuers. Holders may accrue points through airline travel, hotel stays and other business and entertainment expenses which are converted into cash or discounts. One advantage of such cards is the absence of a set spending limit. As long as a customer does not attempt charges which are clearly unpayable, there is no problem since the issuing company knows the amount will be repaid over the next payment cycle. Part of the appeal of these cards is the vanity factor which comes with the prestige of owning them. At the other end of the scale, gas cards are a form of Travel and Entertainment cards and are much easier to obtain.

One of the first things the issuer will do is pull a copy of your credit report. Issuers take a close look at your credit history to determine whether to take the risk of giving you a credit line.

Prepaid credit cards have appeared on the scene as another alternative to normal credit cards. They are alternative fundamentally in that they are not unsecured credit cards. They are therefore not an unsecured loan in the manner that regular cards are. They are actually a kind of debit card. However, they are gaining popularity in particular niches because they are often marketed towards high-school and college students as a way to introduce them to management of credit cards. Prepaid credit cards are of different types. A popular kind is a variant of prepaid phonecards. They are bought with fixed amounts of credit attached: $25.00, $50.00, $100.00, etc. Cards of lower credit value usually come with relatively higher prices than those of higher value. There are a number of ways to pay for these cards, with credit card payments being the most popular. This type of card is common as a gift card and they often include added features such as bonus points for purchases. This means that some companies have arrangements with merchants so that points are offered only for purchases at particular establishments.

$1,000 credit card balance 19 percent APR 2 percent minimum payment Monthly payments Time to pay off debt* Total interest you will pay* Minimum (Starts at $20 and goes down a little each month) 22 years $2,400 Fixed $20 8 years $1,000 Fixed $30 4 years $450 Fixed $40 3 years $300 *years and amounts have been rounded-off for illustration purposes

Amount Due. The minimum monthly payment you must make.

And if you do sign up be sure the company offering them is the right one (i.e., do they come directly from the card issuer?). If not, contacting the card company to be sure the cards are authorized.

Past Due. When you do not make at least the minimum payment on time, your account is considered past due.

If you are a person who tends to carry a large balance every month, the best credit cards are the cards that offer a low interest rate. The savings from the low interest rate will be the best feature of that particular card for you.

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Some card companies on the Net offer you the chance of going completely paperless. It can be convenient, but there are those experts who argue that having a paper record may be a very good thing if you get into a dispute with your card company.

Interest starts mounting the second you make the transaction and you will be required to pay off lower-interest balances first. Merger madness -- In the last couple of years, more than 20 million Americans held credit cards that were taken over by new issuers. Customers have to be on guard for changes in terms, usually less favorable to them, if their card company is bought. Each company prices accounts differently. Most issuers take six months to a year to evaluate their new customer base after a merger, but watch out: With federal regulations requiring only 15 days notice on term changes, you may get the rug pulled out from under you in a hurry.

Credit Cards with Rewards

Charge Cards These provide an account against which you make withdrawls. They are expected to be paid off in full each month, otherwise there can be substantial charges. Examples of charge chards are Diners Club and American Express.

Normal Interest Rate Once the introductory period is over you will revert to their usual interest rate. The Annual Percentage Rate (or APR) can vary enormously so make sure you check this.