Print

• Money

Credit Cards

Before applying for a credit card:

• Determine:
  • The interest rate for purchases (watch out for unspecified rates, e.g., “as low as” a certain rate)
  • The interest rate for cash advances
  • If there’s an annual fee and, if so, how much
• The waiting period before finance

When you receive a new card:

• Make a note (in wallet, home files, etc.) of phone number to call in event card is lost or stolen

When you receive a notice (e.g., “important changes”) with your credit card statement:

• Read it carefully, looking for:
  • New or increased penalties for paying off your balance
  • Cutbacks in rebate programs, etc.
  • Shorter waiting period before payments are late
  • Higher late charges
  • Penalty interest rate if you’re late making payments, e.g., twice