Confusing Credit Card Terms

Confusing Credit Card Terms

Despite the fact credit card terms have become a lot clearer thanks to the Credit Card Act of 2009, there is still is a lot of misperception with credit card offers. A single credit card can have numerous different interest rates and knowing which rate applies can be unclear. Misunderstanding your credit card terms can have thoughtful consequences – like augmented fees or interest rates or loss to your credit.
How to avoid it: Understand the diverse types of balances you can carry on your credit card and the interest rate that applies to each. Go through your rewards program to learn what purchases earn rewards. Contact your credit card’s customer service with queries about your credit card.

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