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QUESTIONS TO ASK CREDIT CARD COMPANIES

10 Must ask questions
before you get a new credit card

What is the introductory rate and how long does it last?
After that, what will my rate be?
Is there an annual fee?
Are there any other fees, like account termination fees or balance transfer fees?
When and how can a variable rate be changed?
When and how can a fixed rate be changed?
What is the grace period before interest is applied?
If I go over my limit, what happens?
What is the company policy if I have trouble paying my bill?
May I pay my bill online?

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DON’T PAY ANNUAL OR MONTHLY FEES

Don’t volunteer to pay anyone anything if you don’t have to. Don’t pay a monthly or yearly fee to have a credit card. There are hundreds of credit card companies that are fully accredited, safe and do not charge these fees. Find a credit card that does not charge monthly or annual fees.

To learn more, join Your Financial University click here

CREATE GOOD CREDIT CARD HABITS

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GET A GOOD INTEREST RATE

Do not volunteer to pay anything you don’t have to. Shop around, find a credit card company you recognize, and that offers you a competitive interest rate. You are rebuilding your credit. Be aggressive, do the research and enjoy the fruits of your financial discipline.

GET AN UNSECURED CREDIT CARD

An unsecured credit card is a card you get without having to pay money upfront. With an unsecured credit card, you get a small credit limit without having to secure the account with a bank account or a cash deposit. Why is this important? This is important because it’s free and it is a means of saving money.

CREDIT CARD DEBT CALCULATOR

Enter your credit card balance and interest rate. Then enter the monthly payment you can afford, OR your deadline to be debt-free. Leave the other window blank. Click calculate to get the results.

Enter your credit card balance:	$
Enter the credit card's interest rate:		%
Enter payment amount per month:	$
or
Enter desired months until debt free:

It will take you to pay off your credit card.

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DID YOU KNOW?

Do you know how long it will take you to take pay off your credit cards?

Do you know how much money it will cost you, when you finally finish paying off these accounts?

Did you know that the “minimum payment” determined by your credit card company is designed to keep you in debt?

Here is an example to illustrate this. Enter the following figures into the calculator below; you’ll be surprised by what you learn.

Balance: $2,066 Interest: 18% Minimum payment: $40

At $40 per month, it will take you more than 8 years and nearly $4,000 to payoff this account. You don't have to wait 8 years. Use this calculator to regain control.