Before signing up for a credit card, be sure to ask some of these questions in order to clarify all of the fees and costs associated with having that card.
Although credit card companies and department stores have made it extremely easy for consumers to take out new lines of credit, it’s essential that you take some time to research each potential new line of credit before being lured in by enticing offers of cash back bonuses, frequent flier miles or other alleged rewards. Credit cards, like other forms of borrowed money, tend to come with strict terms and conditions that can blindside borrowers who jump into these offers too soon and, consequently, can result in them paying way more than they expected in hidden costs and fees.
While the best way to fully understand all of the contingency fees associated with credit cards is to read the fine print of the entire contract, realistically:
- People don’t have the time or patience to poor through length contracts.
- The wording in these contracts can be so obtuse that, even when people attempt to read all of the terms and conditions, they may still be left without a clear or complete understanding of the fees and costs associated with having that credit card.
In such cases, it’s important that you speak with a knowledgeable credit card company customer service agent and ask some specific questions before signing any contract that would open up a new line of credit. The following are some of the most important questions to ask in order to clarify the terms and conditions of a credit card:
- Questions regarding late payments:
- When is a payment considered to have been made late?
- How much is the late payment fee?
- Does one late payment automatically trigger a hike in the card’s interest rate?
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