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Understanding Credit Card accounts

Frequently Asked Questions

What is the definition of annual percentage rate?

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The annual percentage rate (APR), indicated in your cardmember agreement, is the standard rate of interest charged annually on your account. It may also be referred to as the APR. Your APR is important for calculating the amount of interest charges assessed on the outstanding balance of your account. To calculate your daily periodic rate (DPR), divide the annual percentage rate (APR) by 365 (as there are 365 days in a year).


Different rates may be assessed to your account depending on the type of transaction made. For example, the rate assessed on a cash advance is often higher than the rate assessed for purchase transactions. Check your cardmember agreement for details specific to your account.

What are interest charges?

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Interest charges refer to the interest which accrues on an account as a result of a revolving balance. In essence, interest charges are the fees assessed for allowing the customer to pay a portion of the balance, rather than pay the account in full immediately.


Different interest rates may be assessed to your account depending on the type of transactions made. Some interest charges may begin to accumulate on the day of a transaction, if that type of transaction does not have an interest free period. For example, cash advances do not have an interest free period and the rate assessed on a cash advance is often higher than the rate assessed for purchase transactions. Check your cardmember agreement for details specific to your account.

How do I avoid interest charges on purchases?

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You pay no interest charges on purchases if you pay your “New Balance” as shown on your statement every month by the due date and time.

You pay interest on purchases if you:


1. Do not pay your entire balance in full every month, or

2. Are in your interest-free period, but you make only a partial payment.


For example:

If you make $1,000 in new purchases, but make a partial payment of only $700 by the due date and time, you do not pay interest charges on the $700, but you do pay interest on the remaining $300. This occurs because you only avoid interest charges when you pay your entire balance in full by the due date and time.


Balance Transfers, Checks, Cash Advances and Overdraft Advances do not have an interest-free period. This means that you pay interest from the date of these transactions until they are fully paid.

If you have any balance on your account (including 0% APR balance transfers) that you do not pay off in full, you will lose your interest-free period on new purchases and you will be charged interest on new purchases.


For example:

You transfer a balance or write a check for $600 at a 0% APR for 12 months. Then you make $300 in new purchases which brings your total balance to $900. In this example:

  • You would be charged interest on your new purchases ($300) if you do not pay the entire balance of $900 by the due date and time.
  • You would NOT be charged interest on your $600 0% APR Balance Transfer for the 12 month offer period.

What is a balance transfer?

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A balance transfer moves some or all of the amount you owe from one credit card to another, often to take advantage of a lower annual percentage rate (APR) or other promotional offer.
 

Balance transfer credit cards from Chase can help you save on interest by consolidating your higher interest rate credit card balances with other financial institutions onto one low introductory rate credit card with Chase. Fees may be associated with your balance transfer. Chase does not permit balance transfers from one Chase credit card to another Chase credit card. Select transfer a balance if you are an existing cardmember and would like to view balance transfer offers available to you.

What is a cash advance?

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You can use your credit card to withdraw cash at an ATM or from one of our branches. To use an ATM, you must have a personal identification number (PIN) for the credit card. To get a PIN, please call the number on the back of your card.


Cash advances do not have an interest free period and the rate assessed on a cash advance is often higher than the rate assessed for purchase transactions. Check your cardmember agreement for details about your cash advance APR and other applicable fees that may apply.

What is a Credit Cardmember Agreement?

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A cardmember agreement contains written terms that govern a customer's credit card account. It represents a binding agreement between the customer and Chase. This disclosure contains information on terms, conditions and agreements regarding interest charges, balances, payments, fees, dispute procedures, and other important information.

What does "credit limit" mean?

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A credit limit or credit access line designates the maximum amount of money Chase has agreed to loan to a customer at any one time. If a customer’s balance should ever exceed the credit line, this is referred to as being over limit.


You may request an increase to your credit limit by calling the number on the back of your credit card; you cannot submit a request online at this time. Your request for an increase to your credit line is subject to the approval of Chase.

What does "available credit" mean?

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Available credit is the amount of your credit limit that is currently available for use.

What does cash access line mean?

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A cash access line designates the maximum amount of money Chase has agreed to loan to a customer at any one time in cash via cash advance or other cash-like transactions.