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Terms that begin with I
An introductory rate is a temporary, lower annual percentage rate (APR), sometimes referred to as a "teaser rate", used to entice customers to apply for a specific credit card, or to switch credit card companies. The introductory rate usually applies for 6-12 months before converting to a normal long-term fixed or variable rate. This type of rate may apply only to purchases (and sometimes only to certain, "qualified" purchases), only to balance transfers, or in some cases both. Special restrictions typically apply and vary from one offer to another.
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