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 | Credit Card Help: Frequently Asked QuestionsCredit card offers land in your mailbox on a daily basis. You are barraged with offers for “No Interest,” “Rewards,” and a myriad of other incentives to entice you to complete and send in their application. But with all that credit card information directed at you, do you really understand the fine print? Credit card companies try to make it easy for you to apply, but you should understand all the options in their brochure jargon and lingo. It’s likely you have many questions about those applications, and here is a list of important FAQs you should know before filling out another credit card application: What is an APR? What is an Introductory APR? What is a Purchase What is a Balance Transfer? What is a Cash Advance
What is in Default
What is a Due Date It will fall on the same calendar day of the month. It will be at least 21 days from the date that your credit card issuer mail you the bill, and at least 25 days from the end of your most recently ended billing period. To be timely, your credit card issuer must receive your payment on or before the due date and by the time stated on your bill. If no time is stated on the bill, your payment is timely if we receive it by 5 pm (in the time zone in which the payment is received) on the due date. If your credit card issuer does not receive the minimum payment by the required date and time, your payment will be a late payment. If you pay more than the minimum payment by that date and time, you will pay less in interest charges. If you pay your balance in full, you may be able to avoid certain interest charges if your contract provides for a grace period. What is a Grace Period? Usually, if certain transactions are subject to a grace period, your account starts in a grace period. You will keep that grace period if you pay your full balance on time every month. You will lose your grace period if you do not pay that full balance in a given month. To regain your grace period thereafter, you must pay your full balance on time for the number of billing periods stated in your agreement. Usually, if you lose your grace period, for transactions to which the grace period previously applied, you will owe interest on any unpaid balance. Interest on those transactions will begin to accrue from the end of the billing period for which you failed to pay the full balance. For any such transactions that you make after you lose your grace period, you will pay interest from the transaction date until such time as you regain a grace period for transactions of this type. What is a Foreign Currency Transaction The card network that processes these transactions will calculate a U.S. dollar amount for each such transaction using its own currency conversion procedures. The type of card you have determines which network does the conversion. Each network uses either a government-mandated or wholesale rate in effect on the date that the network processes the transaction, which may differ from the rate that the network itself receives and which may be the least favorable rate the network identifies from a reasonable range of customary sources. The rate in effect on the processing date may not be the same as any rate in effect on the date that you made the transaction or on the date that the transaction posts to your account. What is a Late Payment What is a Minimum Payment This guide is not meant to replace or supplement your existing credit card contract. Please refer to your credit card contract / agreement. Articles on Credit Card Help: Frequently Asked QuestionsHow to Avoid Credit Card Fees and PenaltiesHas this ever happened to you?
When a bill or statement comes, you scan it over and then leave it in a big pile of other bills. Perhaps you even label the pile or put Post-It notes on top of the pile, reminding you to pay the bills, look over ... Understanding the Terms of Your Credit CardUnderstanding the terms and conditions of your credit card is often confusing and muddy; often with many legal terms throw into your terms and conditions. The most important step in understanding your card’s terms and conditions is reading them ... How to Use a Credit Card Without Going Into DebtUsing a credit card without going into debt is surprisingly easy. A lot of people have this perception that a credit card is a sure fire way to get into debt, but this isn’t the case if you’re a savvy credit card user who follows just a few ... How to Use a Credit Card ProperlyKnowing how to use your credit card is a must for any credit card owner. We all have them; the good old plastic money. By following a-few basic guidelines, we can all ensure we are using our credit cards in a proper and responsible fashion. What Happens to Credit Card Debt When You Die?Most people have an idea of the events that will happen when someone passes away. An autopsy may be performed, the body is cremated or prepared for burial, memorial services occur. Then, the reading of the will happens and the person’s estate is ... What Happens If I Don't Pay My Credit Cards?With unemployment rates holding steady and consumers having difficulties finding jobs, many are asking themselves what they would do if they lost their current income. They are unsure how they would cover their bills and uncertain what would ... How to Cancel a Credit CardCredit cards can cause big temptations for many consumers. Knowing that you have credit available to spend could lead to unnecessary and expensive purchases that you may not be able to pay for at the end of the month. 10 Important Credit Card Terms You Should KnowDo you have credit cards in your wallet? It is likely that you have more than one. American consumers obtain credit cards from department stores, gas companies, and the full spectrum of Visa, MasterCard, Discover, and American Express. But ... Budgeting with Credit CardsBudgeting with a credit card is much the same as budgeting with any other source of finance. There should be no difference in the way that you budget the money you spend on your credit cards from the money you spend with any other funding source. What Should be Your First Credit CardObtaining your first credit card is one of the biggest choices you will make on your road to making your credit history. There seems to be such a variety of different credit cards that it can be a daunting choice just choosing a first credit ... |
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