How many credit card facts do you know? Take Credit Federal's credit card quiz... the facts may surprise you. Free credit tips.
Is it better to have a fixed-rate credit card than a variable rate credit card so you don't have to worry about your APR being raised?
Answer: Rates on both fixed and variable cards can be adjusted by the issuer.
Is paying only the minimum monthly payment a good way to pay off your credit card debt?
Answer: If you pay only the minimum amount you'll spend lots more on interest charges and it'll be years before your balance is ever paid off.
If you do not purchase credit card theft insurance, will you be responsible for whatever charges a thief puts on your account if your card is stolen?
Answer: If your credit card is stolen, you are responsible for $50 at most, as long as you report the theft as soon as you are aware of it.
If you no longer use a credit card, will the account close automatically after ten months of inactivity?
Answer: A credit card company may not close your account automatically just because you no longer have a balance or are not using the card.
Are there almost 1,000 Americans a year victimized by identity theft?
Answer: Actually, as many as 750,000 people a year fall victim to identity theft.
Does the Fair Credit Billing Act give you the right to withhold payment on poor quality or damaged merchandise purchased with a credit card?
Answer: This is one of the useful protections credit cards offer. You first must make a reasonable attempt to resolve your dispute with the merchant, but if that doesn't work, contact your credit card company.
Can you get a lower rate on your credit card simply by asking?
Answer: Credit card companies have no incentive to lower your rate unless you ask.
Must credit card companies give you 60 days notice before raising your rate?
Answer: Federal law only requires that the company give you 15 days notice prior to a rate increase for a fixed-rate card.
Are credit card issuers required by law to charge the same rate for purchases as they charge for cash advances?
Answer: Card issuers can charge a much higher rate for cash advances.
Do you damage your credit every time you order your credit report?
Answer: Numerous credit report inquiries from lenders can affect your credit rating, but checking your own report doesn't have a negative effect.
Is a secured card a credit card with a rate guaranteed not to increase?
Answer: It's practically impossible to find a credit card with a rate guaranteed not to increase.
Understand that even a no deposit credit card may require an activation fee or an annual fee, and learn the difference between a guaranteed platinum card and a unsecured platinum credit card. Both offer an unsecured credit line, but only one is a true credit card which allows purchases wherever the major credit card is accepted, whereas the other only offers purchases from a pre-selected catalog.
Many
credit card companies not only have good secured and unsecured cards, but some
take an interest in doing what they can to help with environmental issues. For
example, the MasterCard Campus in O’Fallon, Missouri has earned a green
building certification. They have a ten year old technology campus, that is also
its data center which has earned a gold certification. They were awarded the
certification because of their responsible use of energy, lighting, water and
materials. In addition, they integrated some strategies into their daily operations and
facility maintenance.
This
shows they are interested in the environment and support areas where they live and
work. Climate changes and the way we work and live are being tackled through
many large companies, and MasterCard
is one of many. Some changes that concern many Americans are recycling, reducing
paper waste, using friendly chemicals, lights that reduce energy, using Energy Star
machines, and using recycled products. It can make a difference to people when
they learn companies like MastCard not only provide credit cards, but help take
care of the environment. MasterCard has many popular debit cards, credit cards,
secured cards, and student cards that are worth reviewing.
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