How many credit card facts do you know? Take Credit Federal's credit card quiz... the facts may surprise you.
Is it better to have a fixed-rate credit card than a variable rate credit card so you don't have to worry about your APR being raised?
Answer: Rates on both fixed and variable cards can be adjusted by the issuer.
Is paying only the minimum monthly payment a good way to pay off your credit card debt?
Answer: If you pay only the minimum amount you'll spend lots more on interest charges and it'll be years before your balance is ever paid off.
If you do not purchase credit card theft insurance, will you be responsible for whatever charges a thief puts on your account if your card is stolen?
Answer: If your credit card is stolen, you are responsible for $50 at most, as long as you report the theft as soon as you are aware of it.
If you no longer use a credit card, will the account close automatically after ten months of inactivity?
Answer: A credit card company may not close your account automatically just because you no longer have a balance or are not using the card.
Are there almost 1,000 Americans a year victimized by identity theft?
Answer: Actually, as many as 750,000 people a year fall victim to identity theft.
Does the Fair Credit Billing Act give you the right to withhold payment on poor quality or damaged merchandise purchased with a credit card?
Answer: This is one of the useful protections credit cards offer. You first must make a reasonable attempt to resolve your dispute with the merchant, but if that doesn't work, contact your credit card company.
Can you get a lower rate on your credit card simply by asking?
Answer: Credit card companies have no incentive to lower your rate unless you ask.
Must credit card companies give you 60 days notice before raising your rate?
Answer: Federal law only requires that the company give you 15 days notice prior to a rate increase for a fixed-rate card.
Are credit card issuers required by law to charge the same rate for purchases as they charge for cash advances?
Answer: Card issuers can charge a much higher rate for cash advances.
Do you damage your credit every time you order your credit report?
Answer: Numerous credit report inquiries from lenders can affect your credit rating, but checking your own report doesn't have a negative effect.
Is a secured card a credit card with a rate guaranteed not to increase?
Answer: It's practically impossible to find a credit card with a rate guaranteed not to increase.
Understand that even a no deposit credit card may require an activation fee or an annual fee, and learn the difference between a guaranteed platinum card and a unsecured platinum credit card. Both offer an unsecured credit line, but only one is a true credit card which allows purchases wherever the major credit card is accepted, whereas the other only offers purchases from a pre-selected catalog.
Credit card companies are taking all
the steps to make sure they will be ready for the new laws in February 2010. Some
companies are ready and others are getting more prepared. Disclosing the terms
and conditions in an easy to understand way is part of the new law.
The
companies usually offer consumers a card that fits their credit type even if it was not the card inquired about. When consumers are offered different cards, they will also get
information about the terms and conditions associated with the card offer before the application is processed.
Cards have different APR information and will state if the APR will apply to cash advances and what can cause it to
rise or fall. Some companies increase the rate when payments are late or the credit limit has been exceeded. Information about
processing fees will be provided and may vary depending on credit worthiness.
Secured credit cards
as other credit cards have different fees, terms, and conditions. Processing fees can range from $0 to $35. Every
company is different and may require low security deposits or high deposits. They can change the APR and can apply payments to
lower APR balances before applying it to higher balances. When seeking a credit card, it is important to read all the terms
and conditions for fees. For example, if you select that you want your credit card delivered quickly, it could cost you.
Make sure you know who your credit card issuer is, their phone number, how they
process your personal information, and if they share your personal information
with third parties. keep all your credit card account numbers in a safe place along with phone numbers in
case you ever need to report a lost or stolen card. Always report lost cards immediately.
Having a credit card is a privilege and the terms and conditions for using the
credit card must be followed.
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Establish or rebuild bad credit:
Although credit options are limited and more restrictive, there are still ways to establish and rebuild bad credit, including:
