Financial services Consumers, who have Platinum Card after some introductory period, qualify for APR (Annual Percentage Rates).
- The qualification for APR depends on the customer's creditworthiness. This is the assessed financial ability of a customer to pay on her credit terms. If the credit performance of the customer is adjudged worthy, the cardholder may be given a Titanium card with a higher credit limit.
- When a credit card account is opened for a customer, the customer is charged with the introductory rate. Then, after the introductory period, the customers are charged with the APR, which is usually less than the introductory rate.
- Credit card account holders may also attract penalty APR when the penalty terms are triggered. Some credit card accounts attract variable APR, which means that the rate changes depending on stated circumstances.
Thus, the rate charged at the introductory period of a Platinum Card is higher than the APR.
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