Frequently Asked Questions

What is a credit card grace period?
The credit card grace period is the time you have to pay your credit card balance before you are charged interest. Grace periods are different from credit card to credit card, but they usually range from 10 to 25 days.

What is an annual fee for a credit card?
An annual fee is a yearly charge that you must pay to hold a credit card. It is similar to a membership fee for a charge card or club card.

What is a credit card’s Annual Percentage Rate (APR)?
The APR is yearly interest rate that you will pay on a credit card.

How do frequent flyer miles or airline mileage plans work with a credit card?
Airline miles are usually earned every time you use your student credit card for a purchase. You will usually receive one frequent flyer mile for every dollar you spend. These miles are then transferred directly to your airline account and you can use the frequent flyer miles next time you fly home for the holidays. 

What other fees should I know about when filling out an application?
Credit card companies are required by law to inform customers of any and all fees. When you are ready to apply for a credit card be sure to read all the fine print of your credit card application. A few cards have over-limit fees, which occur when you charge something to your credit card beyond the card’s limit. Late payment fees are incurred if you make a payment after the monthly due date. Cash advances often have a fee of 2-5% of the amount you borrow or it may be a set rate such as $2. These fees are on top of the regular interest rate you pay. On College Plastic we have done our best to select cards that have the least fees and most benefits, but be sure and read the fine print and pay your credit card bill on time!