Learn about the costs and rules of the card.
What is the annual fee and are there any costs in acquiring the credit card? What is the interest going to be after the initial 90-day teaser interest rate vanishes? What is your credit limit and what is the penalty if you go over the limit? How and when can your interest rate and credit limit be changed? All of this information is located in the fine print section of your credit card agreement and you have an obligation to pay these fees and costs if you accept and use your credit card. These terms and conditions come into effect as soon as you start to use the card. Below is a list of the different fees imposed by credit card companies.
The Annual Fee: Many bank and Travel & Entertainment Cards come with an annual fee of $50 or more. The borrower is charged this fee for the privilege of using this credit card. Some banks will waive this fee if you have outstanding credit or may charge more if your credit is marginal.
Cash Advance Charges: A bank will charge you up to 3% of the amount advanced and at the same time charge rates of up to 20% annually on the amount advanced. As a general rule, credit cards...
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