Tracking and Managing Credit Card Expenditures

A cash advance with your credit card is like taking out a loan

The interest rate on cash advances is generally higher than the interest rate charged on purchases

A cash advance is when you pay cash in advance toward your credit card bill

When you use your card to take out a cash advance, you always are charged interest

If you pay the minimum payment you will most likely carry a balance and be charged interest

It is good idea to pay only the minimum payment so that you can get a better credit score

If you pay less than the minimum payment, your interest rate may be raised to a higher APR

The minimum payment warning on your credit card statement tells you how long it will take to pay off your bill if you only pay the minimum payment

A credit card may have one APR for the first months that you have a card and ten raise the APR after this introductory period

The APR on your credit card can change if you are late paying your bill by one day

The APR takes into account when the interest rate is compounded and the timing of your payments

The APR on you credit card is the same for cash advances and purchases

If is a good idea to tell your credit card company if you are going to make a purchase outside your usual

Credit card companies want to avoid fraud so they do not have to pay for fraudulent charges

If someone other than you is using the card, it is not considered fraud because the card has your name on it

You should check your statement online to see if there are any charges you do not recognize, as these charges could be fraudulent

You can be penalized if you pay less than the minimum payment

Your account agreement statement is like a contract, which means the credit card company cannot change the APR after you have signed the credit card application

When the credit card company changes your APR because of a penalty, they are not required ever to restore the APR to the previous lower rate

You can be penalized if the credit card company receives your payment after the payment due date

Online viewing of your account is one way to catch fraudulent use of your card

All transactions such as payments, cash advances, and purchases can be seen in real time online

You should share your PIN and account number with friends so that they can remind you to check your account balance online

Your account balance can be viewed online if you sign up for online access with your credit card company

When you use your card to take out a cash advance, you always are charged interest

As long as you have a balance for two consecutive billing periods, you will be charged interest

Interest charges are required by law never to exceed the amount of the original charge

You can avoid interest charges if you always pay your bill in full and on time

When you are late with your bill, you are only charged interest for the time between when the payment was due and when the company received your payent

Paying your bill as soon as you geti it is a good idea. The interest you are charged if you are late is much higher than the interest you received in you savings account

Being timely in paying your credit card bill improves your credit rating

If you are having trouble paying your bill, you should contact the credit card company to discuss changing the terms of your payment

Late fees are less if you are only a few days late and greater if you are more than a week late

Annual fees are charged whether you use your credit card or do not use your credit card

Cash advance fees usually have minimum amount and then go up as a percentage of the cash you take out as an advance

"No fee cards" refer to cards that do not have annual fees

Balance transfers are charged a lower interest rate than cash advances

if you transfer a BALANCE FROM ONE CARD TO ANOTHER AND THEN DO NOT PAY OFF THE BALANCE, YOU WILL BE CHARGED INTEREST

Balance transfers are charged a lower interest rate than purchases

You can transfer the balance you owe on one credit card to another credit card