Do you know your credit terms?
April 18, 2006
Most of us use credit cards constantly, yet “it seems that a credit card’s basic terms remain a mystery to many of us when put to the test,” says columnist Eileen Ambrose of the Balitmore Sun.
A recent survey by Braun Research found that more than 40 percent of the 1,000 cardholders polled had no idea of the interest rate on their card. One of five didn’t know the credit limit. And nearly 70 percent didn’t realize that their card company could raise their interest rate if they were late on a payment to a different creditor.
Wow. Those are pretty amazing statistics.
Here are a few things you should be aware of when it comes to credit cards:
- ~It’s much better to shop for a card than it is to sign up for the first offer that comes in the mail.
- ~Grace periods nowadays are just 15 or 20 days long, not a full month long (like they used to be).
- ~Terms can change. For instance, a “fixed-rate” is only fixed until the card company tells you it’s changing the rate.
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