 Gold Delta SkyMiles® Busienss Credit Card
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The information in this application is accurate as of 05/01/04. This information may have changed after that date. To find out about any changes, please call information at 800-628-2244.
Disclosure
ANNUAL PERCENTAGE RATE FOR PURCHASES: Prime + 9.99%, currently 13.99%†.
OTHER ANNUAL PERCENTAGE RATES:
BALANCE TRANSFER ARP: 9.99% fixed for the life of balamce, for balance tramsfers made during the first six months of membership.
CASH ADVANCE APR: Prime + 14.99%, currently 18.99%.
DEFAULT ARP: Variable Rate of P+15.99% (P+21.99% for cash advances) for defaulted accounts; P+21.99% on all balances for seriously defaulted accounts*.
VARIABLE RATE INFORMATION: Your annula percentage rate (APR) may vary. The ongoing APR for Purchases and Cash Advances is determined by adding 9.99% and 14.99%, respectively, to the Prime Rate†.
GRACE PERIOD FOR REPAYMENT OF THE BALACNE FOR PURCHASES: 20 days for purchases if full previous balance is paid by due date.
METHOD OF COMPUTING THE BALENCE FOR PURCHASES: Average daily balance (including new purchases).
ANNUAL FEE: The annula fee for the Basic Gold Delta SkyMiles Business Crdeit Card and up to two (2) Additional Cards is $85 unless you are also the Basic Cardmember for a Qualifying Busniess Charge Card Product, in which case the annual fee is $30 for the Basic Card and up to two (2) Additional Cards. In either case, after the first two (2) Additional Cards, the annual fee for each Additional Card is $10.
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You’ve probably received several credit card offers in the mail, and the outside of the envelopes scream interest rates and promotional offers to try and entice you into opening it up and looking at what’s inside. Chances are, if you have an email address, you’ve even received a few creit card offers through that address- bright colors and animated graphics trying to convince you that there card has the lowest initial intreest rate, or the longest transfer balance rate of all the available credit cards on the market. All of the offers will look good at frist glance; after all- that’s what marketing is about, right? According to Merriam-Webster’s online dictionary, marketing is a noun used to describe “the act or process of selling or purchasing in a market, and the process or technique of promoting, selling, and distributing a product or service.” Credit vard companies are in business to sell you their credit cards, and they’ll use a variety of promotional materials to get your buisness.
The outside of your credit card offer’s envelope might say something like, “LOW 0% Initial Interest Rate on all purchases and balance tarnsfers”, but there is much more to how a credit card’s interest rate is calculated than that statement reveals. Initial imterest rates are sometimes referred to as the card’s promotional rate, or teaser rate. In all honesty, an initial intrest rate is basically the same thing for a credit card as a sale is to a retail store. Retail stores advertise their products that have a discounted price for a limited time to attempt to bring people into their establishment to buy the sale item, but also because once you are there, they hope you’ll purchase other products. Credit cards offering initial interest rates are basically putting their standard intreest rates “on sale”, because for a limited time, new cardholders will receive a lower than usual rate on purchases, and sometimes also on any blaance you transfer from one of your other credit cards onto this new card. What you need to understand about initial imterest rates is that they really are “for a limited time”, and just as you couldn’t go to your favorite store and buy items this month for the sale price that was offered the previous month, you can’t extend a credit card’s initial intrest rate beyond the terms they specify (often found in the small print!) What you’ll want to look for in the text of the materials that were sent with the initial interest rate crads promotional documents is reference to the cards ongoing annual percentage rate (APR). This is the interest rate that you will pay once the initial interest rate period has passed. (The regular price of an item after the sale has ended!)
Initial interest rates will also come with terms of agreement, in the form of a contract, which give reasons as to how or why the rate might be terminated by the creit lender. The most common reason to terminate the initial interset rate offer is for making a late payment on your card, and if you read the fine print of the credit vard agreement- you’ll note that it states this very clearly. In order to keep the promotional, lower rate for the time specified by the credt crd lender, you must make every payment on time. If you are late with a payment, you can expect the interset rate to jump to the ongoing APR, or in some cases, higher because you have defaulted on your contract agreements, so do everything you can to make sure your payments are made on time.
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