Seven Things You Should Know About Your Credit Card
- Your card provider can increase the interest rate on your existing balance if you miss two payments in a row.
- If you pay more than the minimum monthly amount, the extra applies first to the account with the highest interest rate.
- So-called “promotional” rates only last for 6 months.
- Your card provider can increase your interest rate on a new card after a year.
- Card payments are due at the end of the month (not on the first).
- The “Terms of Service” you accepted says you will allow the bank to charge “over-limit” fees.
- Gift Cards expire after 5 years.