Before You Sign Read the Fine - Credit Card Conditions
by: EricJilson |
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It is important to compare credit cards because it can get very expensive. Every card offer comes with a complete list of Terms and Conditions, and it's important that these be read. Credit Card marketers try to lure consumers by waiving annual fees and interest charges, but the truth comes out in the terms and conditions.
Fraud protection, for instances, is a deal some credit card companies use to interest consumers. They promise 100% protection, but, when you read the Terms and Conditions of the contract, you learn that there are stipulations and 100% may not be 100% all the time. The same can be said for interest rates. While the offer may be 0% APR, you learn that there may be penalties for odd things.
Interest rates vary from one card to the next, though many may be only a percentage point or two difference since interest rates are the primary way credit card companies compete with one another. Also, there are Federal guidelines credit card companies must follow in their contracts.
It certainly doesn't hurt to research the company offering the card. A relatively small number of companies are predatory and will take advantage of uneducated consumers. These companies often advertise conditions that seem too good to be true, such as low payments or a credit limit that doesn't reflect the consumer's poor credit history.
Letters arrive in consumers' mailboxes every day offering credit cards, and some of the offers are bogus. From a beginner's standpoint, it might be a good idea to just toss those in the trash and begin your own search for a decent credit card provider from among companies known to you. At least, applying for every 0 APR offer that shows up in the mailbox is a mistake.
Millions worldwide fall into this trap, but it should be remembered that if it looks too good to be true, it usually is. Laws in the United States make it illegal for companies to make ridiculous offers or ignore borrowers' credit histories.
Knowledge is key when applying for a credit card. Most importantly, you should be certain you need a credit card. You may not, and if you can get by without one, you should. Consumers who do need a card should know the law, should know the company offering the card and, finally, they should always read thoroughly the Terms and Conditions of the offer. Familiarizing yourself with these three things can save you a lot of grief in the long run, and you'll feel more empowered when actually making a choice and know that it's a good one.
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About the Author
Eric Jilson shares his vast knowledge at http://www.everlife.com. Unpack for yourself why so many people are interested in 0 apr on balance transfers.
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