How careful are you when it comes to contracts? Do you always check to make sure you’re agreeing to something that is fair for you? If you sign up for a credit card without finding out the card’s terms and your responsibilities, you’re not being careful with contracts. Yes, a credit card agreement is the same as any other legal contract.
When you apply for a credit card, think past the low interest rate or your high limit. What happens at the end of the low interest term? Or if you make a late payment? Or if you go over that high limit? You can find all this information in your credit card agreement.
If you don’t see the answers to these basic questions, STOP! Look through the information the credit card company sends you. If you still can’t find the answers, call the credit card’s customer service department. The representatives should be able to answer your questions, but if they can’t, ask to speak to someone who can. When you get an answer, ask where you can find the information in your printed material. You’ll want to make sure you have the details in writing.
Find out as much information as you can before you apply for the credit card. It’s better to find out something you don’t like before you go through the trouble of filling out an application than after you’ve received your card. Closing out credit card accounts can lower your credit score, so be careful when you choose a new credit card. You’ll want to keep the account open for a long time.
Sometimes credit card companies make changes to their terms, and they will send you a notice. Be sure to read any notices you receive about your credit cards. Ask questions if there?s something you don’t understand. Surprises are nice but not when it comes to credit cards.
Another helpful bit of Credit Card advice from Credit Cards Heaven. Because no-one understands Credit Cards like we do.
