What does "Balance Transfer" mean on credit cards?

Question

I just turned 18 and want to start building credit by applying for one without annual fee from bank of america. I plan to use it to buy the little things and pay them off on time. What does APR, balance transfer, check cash advance mean in simple terms?

Answer 1

APR is Annual Percentage Rate - rate that the card company charges on a remaining balance from month to month

Balance Transfer - Transferring a balance from one card to another

Check cash advance - Using your credit card to receive cash for an ATM or from another source other than just buying something

Answer 2

APR: Annual Percentage Rate. The rate your credit card company will charge you if you do not pay the balance on time.

Balance Transfer: If you balances on other credit cards and are paying high rates there, you can get a new credit card that potentially has lower rates and transfer the balances to the new credit card.

Check Cash Advance: You can withdraw money from an ATM. Check the fees and interest rates for this feature.

Credit Lines: The credit you will be getting on a credit card i.e. how much you can spend each billing cycle.

Go to http://www.nuuvoo.com and see credit card offers, compare credit cards and complete an online application. Its a completely free service. They also explain common credit card terms under Credit Card Central -> Glossary