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Before you think about owning a credit card, one of the basic concepts that you have to understand is the APR, or Annual Percentage Rate. Simply put, this is the amount of interest that you will be paying in a year whenever you miss a payment deadline, carry over a balance, transfer a balance from one credit card to another, and avail of your card’s cash advance features.
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It is not a hidden fact that credit card companies make business by getting a percentage from your purchases, but more so from the penalties that they charge your account every time you missed making the payment on the deadline. If you think about it, the penalties are only fair in the sense that if you pay for your bills on time, you will never be penalized. The key here is to make sure that you do everything in your control to ensure that you are not one of the many unfortunate credit card users who will be charged with these extra penalties.
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