Credit Card Summary Box
Working out which credit card to take out can be tricky, but luckily, all credit card companies use a standardised method to explain the basic information for each card they offer.
This is known as the credit card summary box, and will include things like interest rates and minimum monthly repayments among other bits of key information. Unfortunately, for those not clued up on credit cards in general, some of the jargon used in the credit card summary box can be confusing.
We’ll help clear the air so that you know exactly what you’re getting when you apply for your new credit card.
What information is included in the credit card summary box?
In the standardised credit card summary box for each card, you will find:
- The credit limit (the maximum amount you’re allowed to borrow at any one time)
- The Annual Percentage Rate or APR (the basic interest rate)
- Any other interest rates, including on purchases; balance transfers; cash advances and foreign transactions
- The interest charging information (including whether or not compound interest is charged)
- The length of the interest fee introductory period (if applicable) and any associated terms or requirements
- The minimum monthly payment
- Any other fees or charges associated with the card.
You’ll also find a breakdown of any purchases, balance transfers, cash withdrawals and credit card cheques that you have issued or made while you’ve had the card in question.
Any rewards or perks associated with your card will also feature in the summary box, along with any associated fees.
Benefits of the Credit Card Summary Box
The uniformity of the credit card summary box means that you know that when you check it, you’ll have access to all of the relevant information pertaining to your card.
This is particularly helpful if you want to compare different cards to see which is offering you a better deal.
It will also help you keep on top of any payments that you need to make in order to stop the interest on your card driving your bills through the roof. With all of the information in the same place, you can find out more or less anything you need to know about keeping your credit account in check by just looking over your credit card summary box.
The main issue with credit card summary boxes is the fact that all of the information can seem confusing given the large amount of jargon involved.
If, after reading this guide, you’re still left scratching your head over the confusing terms contained in your credit card summary box then read through our other comprehensive guides on everything to do with credit cards.
We’ve got all bases covered with our range of articles so you’ll be left with no gaps in your understanding of the world of credit cards.