In this brief blog, we will discuss the purchase rate.
What is the purchase rate?
The purchase rate will only be charged on any balance you do not pay after your due date has passed and you enter your next statement cycle.
The purchase rate is determined by the credit card companies and should be a major factor when looking to get a new credit card.
If you pay your credit card balance regularly you may not need to every pay a purchase rate on any balance outstanding as you will never have a balance outstanding past your due date.