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December 27th, 2007
If you do not read the fine print that comes with your credit card then you may be in trouble. The fine print can hold the key to all the important information that you need to know. This can include rates and payments. You need to read it, and if you don’t you are out of luck. That is why it is so important to take the time and read through all the fin print in your credit card.
Many People Have Trouble
It is common for people to just skip over the fine print that they get with they get their credit card. 1 out of every 3 people can’t even read the fine print, and 1 out of 5 don’t know where to find it. This leads to people not knowing there APR or the information on how the credit card company can change your rate. 1 out of 5 people do not even know that their credit limit is within the fine print. Shockingly, 7 out of 10 people did not even know about their credit cards universal default policy. Do not be one of these people that do not pay attention.
What You Can Find in the Fine Print
Here is a list of what you can find within the fine print of your credit card documents:
- APR/rate information: What is your initial interest rate? What are the slip ups that could increase your rate?
- Payment allocation: This will let you know how you can allocate payments if you find that you have differing rates on your credit cards.
- The fee structure: This part lets you know if there is an over the limit fee. You also will find if there is late fees, and if you have any grace period.
- Default purchase rate: What happens if you default on your account? It is possible the card issuer will sell your account to a collection agency who will make you pay another rate.
- Overdraft protection: Are you offered some sort of overdraft protection? You will also be told if that comes with a fee.
- Double-billing cycle: You need to know if your credit card company plans on pushing you into a double billing cycle.
- Transaction fees: Will you face any fees for your various transactions?
Now you can see why it is so important to read your fine print. It holds all the information that you need to have a great relationship with your credit card and your credit card issuer. You need to be responsible and read your information because it will truly help you in the long run. The last thing you want to do is throw away the fine print and then get punished by fees that you never saw coming.
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