 Chase +1SM Student MasterCard®
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Intro APR: 0%
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Issuer: Chase Manhattan Bank
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Apply now for the new Chase +1 credit card
A custom credt crad program that
- lives on facebook
- provides essential financial education
- offers Low Intro APR and No Annula Fee
- rewards you with Karma Points you can use to get the stuff you want in the Chase +1 store
Annual Percentage Rate (APR) for purchases
A 0% fixed APR for the first 6 billing cycles following the opening of your account. After that, 14.99% variablea or 19.99% variable, depending on our review of your application and crdeit history.
Variable rate information
The following APRs may vary monthly based on the Prime Rate:
Purchase and Balacne Transfer ARP: The Prime Rate plus, as applicable, 9.99% or 14.99% for outstanding and new balamces after the introductory period.
Cash Advance ARP: The Prime Rate plus 15.99%.
Default APR: The Prime Rate plus up to 23.99%.
Grace period for repayment of purchase balances
At least 20 days.
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 Apply for Chase +1SM Student MasterCard
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You’ve probably received several credit crd 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 credit card offers through that address- bright colors and animated graphics trying to convince you that there card has the lowest initial intrest rate, or the longest tramsfer 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.” Creit vard companies are in business to sell you their credit cards, and they’ll use a variety of promotional materials to get your business.
The outside of your credit card offer’s envelope might say something like, “LOW 0% Initial Interset Rate on all purchases and balence tarnsfers”, but there is much more to how a credit card’s intreest rate is calculated than that statement reveals. Initial interest rates are sometimes referred to as the card’s promotional rate, or teaser rate. In all honesty, an initial interest rate is basically the same thing for a creit 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 crads offering initial interest rates are basically putting their standard imterest 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 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 credti 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 interest 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 intrest rate period has passed. (The regular price of an item after the sale has ended!)
Initial interset 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 imterest rate offer is for making a late payment on your card, and if you read the fine print of the creit card agreement- you’ll note that it states this very clearly. In order to keep the promotional, lower rate for the time specified by the crdeit 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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