Things You Need be Aware of on the Credit Card Checklist
- Credit cards and you introduction
- Understanding credit card terms
- Steps for successfully selecting a credit card
- Learn why credit cards offer introductory low interest rates
- How credit card interest rates are calculated
- Credit Cards offer interest free periods on purchases
- Does your interest free period apply on our purchase?
- Use these tips to save money with your credit cards
- Credit card selection checklist
- Download Worksheet to Help You Choose a Credit Card
Your Credit Card Checklist
Here's a handy checklist of questions you should ask yourself and the credit card issuer when you're looking for a credit card. Be sure to take these questions and the Worksheet to Help You Choose a Credit Card (PDF Version, 55 kB) with you when you comparison-shop.
Ask yourself:
- How much credit can I handle?
- Will I be able to pay my balance in full each month?
- Would I benefit from a rewards program?
- Am I prepared to pay an annual fee?
- Do I shop at a particular retailer often enough to benefit from their card?
- Have I shopped around for the credit card that best suits my needs?
When you're checking out the terms and conditions of the card:
- What are its annual fee or other applicable fees?
- What is the minimum monthly payment?
- What is the interest rate on purchases, cash advances and balance transfers?
- How is interest calculated?
- How long is the grace period?
- What are the consequences of late payments?
- What features or enhancements are offered?
- What customer service or support is available for the card?
When considering an introductory low-rate offer:
- To which type(s) of transactions does the introductory low rate apply?
- When does the introductory period end?
- What interest rate will apply at the end of the introductory period?
- Are there any other fees or conditions that apply to the offer?
- Will the introductory rate period end if I make a late payment or if I go over my card limit, and if so, what will the new rate be?
- What is the "order of transactions" for my payments?
- Will this order of transactions affect any savings I may get with a low introductory rate?
