TERMS AND FEES
you understand your credit-card agreement. (Hint: "Terms"
is another way of saying "this is what you agreed to
when you applied for this card.") This means that you
should read the fine print.
First, know your credit limit.
You can be charged extra fees if you go over that limit. It's
a good idea to start with a small limit of, say, $200. Then
you won't be tempted to get too far in debt.
Next, understand your "grace"
period. That's the time you're allowed before you have to
pay a billtypically this is 25 days. Watch out for cards
that have no grace period (that's in the fine print, too);
these cards start charging you interest immediately after
you purchase something with them.
Finally, understand what fees
you'll have to pay. If you are late with a payment, the company
can charge you a late fee (as much as $25 to $35!). Some accounts
let you pay online a few days before they are due, but if
you mail in your payment, be sure to allow at least five to
seven business days for the payment to reach the lender. Also,
some credit cards charge you an annual fee just for the privilege
of using them.
Here are Other Areas to Link to:
CARD: HANDLE WITH CARE
THE FINE PRINT
YOUR CREDIT WISELY
CONTROL YOUR SPENDING