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Small Business Credit Terms

Understanding the language of business credit and charge card programs will help you to select a program that may improve your businesses purchasing power, spending flexibility, expense control and cost savings.

Annual Percentage Rate (APR) - The cost of credit that consumers pay, expressed as a simple annual percentage.

Charge Card - Used for making purchases each month and paying off in full each month.

Credit Card - Used for making purchases on an ongoing basis where monthly payments are made over time and an interest charge applies to outstanding balances.

Credit History Requirement - The preferred status of your credit history relative to qualifying for a specific credit tool. This is commonly described in terms of good to excellent.

Introductory Annual Percentage Rate (APR) - The cost of credit for a specified introductory period that consumers pay, expressed as a simple annual percentage.

Introductory Annual Percentage Rate (APR) Period - The cost of credit for an annual introductory period that consumers pay, expressed as a simple annual percentage.

Annual Fee - A lender's annual charge for making credit available.

Grace Period - This is NOT an extension of your payment due date. If you are not carrying a balance, it is the period you have to pay new balances before interest charges apply.

Late Fee - A penalty fee applied when making payments after the required due date.

Over Limit Fee - A fee charged when you charge your credit card over the specified limit.

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About Your Educational Champion

AmericanExpress Open "American Express OPEN is dedicated exclusively to the success of small business owners and their companies by offering tailored business credit and charge card products and services. American Express OPEN Cardmembers leverage an enhanced set of products, tools, services and savings, including charge and credit cards, robust online account management capabilities and savings on business services from an expanded lineup of partners. To obtain more information about American Express OPEN, visit Terms and conditions apply.
American Express Company is a leading global payments, network and travel company founded in 1850."

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Note: This information has been compiled by the Knowledge Institute for Small Business Development (KISBD) for educational purposes only in order to convey a general overview of the options and related services available to small businesses in the subject areas introduced. Content is provided on an "as is" basis and is not intended to be an exhaustive representation, nor does it provide advice or create a customer relationship between KISBD and its sponsors,, its affiliates and any other organization named herein, and any reader.
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