An introductory rate (also known as a teaser rate) is an interest rate charged to a customer during the initial stages of a loan. The rate, which can be as low as 0%, is not permanent and after it expires a normal or higher than normal rate will apply.[1]
The purpose of the introductory rate is to market the loan to customers and to seem attractive. They are commonly used for the application of balance transfers, and they may or may not apply to cash advances.[2]
In the United States, the Fair Credit and Charge Card Disclosure Act (FCCCDA) requires that the rate that will occur following the expiration of the introductory rate be clearly disclosed to the customer.[3]
^The complete idiot's guide to managing your money By Robert K. Heady, Christy Heady, Hugo Ottolenghi, p. 235 [1]
^Truth in lending By Ralph J. Rohner, Frederick H. Miller, Robert A. Cook, Alvin C. Harrell, Elizabeth Huber, American Bar Association. Section of Business Law, page 510 [2]
^Garman, E. Thomas; Forgue, Raymond (October 12, 2007). Personal Finance. Cengage Learning. ISBN 9780618938735 – via Google Books.
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