Bank Rate Web Site Provides Free Credit Card Tips And Information

Category: Finance.

If you have received a pre- approved credit card offer in the mail make sure you read everything.

Look for: The Annual Percentage Rate( APR) . There are good and bad offers and you need to know which credit card offer is for you. If the interest rate is variable, how is it determined and when can it change? This is the interest rate used to figure the finance charge on your balance each billing period. The periodic rate. The annual fee. The grace period.

While some cards have no annual fee, others expect you to pay an amount each year for being a cardholder. This is the number of days you have to pay your bill before finance charges start. The finance charges. Without this period, you may have to pay interest from the date you use your card or when the purchase is posted to your account. Most lenders calculate finance charges using an average daily account balance, which is the average of what you owed each day in the billing cycle. This method usually has the lowest finance charges. Look for offers that use an adjusted balance, which subtracts your monthly payment from your beginning balance.

Stay away from offers that use the previous balance in calculating what you owe. Also don t forget to check if there is a minimum finance charge. This method has the highest finance charge. Other fees. Some companies charge a monthly fee regardless of whether you use your card. Ask about special fees when you get a cash advance, make a late payment, or go over your credit limit.

The Fair Credit and Charge Card Disclosure Act require credit and charge card issuers to include this information on credit applications. Comparing Cards. The Federal Reserve Board provides a free brochure on choosing a credit card and a guide to credit protection laws at their web site. Bank Rate web site provides free credit card tips and information. Card Web lists credit cards and offers e- mail newsletters, frequently asked questions and online credit card calculators. Consumer Action web site has a site that features credit card surveys of interest rates, fees and other terms from dozens of credit cards, as well as free brochures and guides on choosing and using credit cards.

Card Ratings lists and reviews credit cards, and offers tips and credit card calculators. Immediately call the card issuer when you suspect a credit or charge card has been lost or stolen. Lost and Stolen Credit Cards. Many companies have toll- free numbers and 24- hour service to deal with such emergencies. In any event, your maximum liability under federal law is$ 50 per card. By federal law, once you report the loss or theft of a card, you have no further responsibility for unauthorized charges. Complaints.

If you fail to resolve the issue, ask for the name, address and phone number of its regulatory agency. To complain about a problem with your credit card company, call the company first and try to resolve the problem. If the word national appears in the name or the letters N. To complain about a credit bureau, department store or other FDIC- insured financial institution, write to the Consumer Response Center. A. appear after the name, the Office of the Comptroller oversees its operations.

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