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Credit Cards

Annual Percentage Rate (APR)

Greetings, class. Today, we will be discussing an important concept in the world of finance: the annual percentage rate, or APR. This is the interest rate that is charged to credit card holders on any balances that are not paid in full by the due date. While some card issuers may advertise a seemingly low monthly interest rate, it's important to note that when calculated over the course of a year, this rate can reach as high as 43%.

Purchase Protection

As a professor of finance, it's crucial to understand the concept of Purchase Protection. This insurance provides coverage for any purchases made with a credit or debit card...

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Zero Balance

When a credit card holder has paid off all their outstanding balances and has not made any new purchases during the billing cycle, their bill will reflect a zero balance. Thi...

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Billing Cycle

A billing cycle, also known as a statement cycle, refers to the number of days between the previous and current statement sent to a credit card holder. These cycles usually ...

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Household Income

In the process of reviewing applications for joint credit cards, financial institutions carefully consider the total household income. This includes the combined earnings of...

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