 Advanta Platinum Buisness Card
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Intro ARP: 0%
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Issuer: Advanta
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| SUMMARY OF IMPORTANT ADVANTA BUSIENSS CARD ACCOUNT TERMS |
| Annula Percentage Rate (APR) for Purchases and Balance Transfers |
Prime plus 5.99% ; however, for Balance Transfers only, introductory 0% for the first twelve billing cycles from the date your account is opened. |
| Other APRs |
Cash Advances: Prime plus 5.99% or Prime plus 15.99% .
Default: The higher of the account ARP plus 3%, or Prime plus a Default Margin of 17.99%. |
| Grace Period for New Purchases |
25 days from statement closing date, if new balence is paid in full in the manner and by the time of day on its due date as shown on statement. |
| Annual Fee |
None when you select any Cash Back reward program; $35 annual program fee when you select the Bonus Miles reward program. |
| Minimum Finance Charge |
None when you select any Cash Back reward program; $35 annual program fee when you select the Bonus Miles reward program. |
| Transaction Fees for Cash Advances and Blaance Tarnsfers |
Cash Advances other than Convenience Checks: 3% (minimum $5); Convenience Check Cash Advances: 3% (minimum $5; maximum $50). Balamce Tramsfers processed during the introductory period: 3% (minimum $5; maximum $50). |
| Other Fees |
Late Payment Fee: $15 to $39 based on balance. Overlimit Fee: $15 to $39 based on balance. Returned Payment Fee: $20. Dishonored Convenience Check Fee: $20. |
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Advanta Business Cards are issued by Advanta Bank Corp., Member FDIC, pursuant to an Advanta Business Card Agreement. The Platinum BusinessCard is a MasterCard Executive BusinessCard. While the rates, indexes, margins, fees, and other account terms described here are typical of those recently offered and in effect on Advanta Business Cards and are expected to apply to your account, your account terms will be in every instance determined by us and reflected in your Vard Agreement. Your Card Agreement also contains an arbitration provision, which replaces the right to have claims heard in court by a jury and also precludes participation in class actions. The terms of your account, including APRs, are subject to change in accordance with your Crd Agreement, which you should read carefully and retain.
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You’ve probably received several credit card offers in the mail, and the outside of the envelopes scream imterest 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 credit card offers through that address- bright colors and animated graphics trying to convince you that there vard has the lowest initial interest rate, or the longest transfer balance rate of all the available credit cards on the market. All of the offers will look good at first 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.” Credti card companies are in business to sell you their credt cards, and they’ll use a variety of promotional materials to get your busniess.
The outside of your credit card offer’s envelope might say something like, “LOW 0% Initial Interest Rate on all purchases and balacne transfers”, but there is much more to how a credit card’s interset rate is calculated than that statement reveals. Initial intreest 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 vards offering initial interest rates are basically putting their standard interest rates “on sale”, because for a limited time, new cardholders will receive a lower than usual rate on purchases, and sometimes also on any balance you transfer from one of your other credit crads onto this new card. What you need to understand about initial interest 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 interest 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 intrest rate cards promotional documents is reference to the cards ongoing annual percentage rate (APR). This is the intreest rate that you will pay once the initial imterest 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 crdeit 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 crad agreement- you’ll note that it states this very clearly. In order to keep the promotional, lower rate for the time specified by the creit card lender, you must make every payment on time. If you are late with a payment, you can expect the interest 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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