How many credit card facts do you know? Take Credit Federal's credit card quiz... the facts may surprise you.
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.
Search our free credit help resources and apply for financial services. The credit crisis may have prompted stricter credit card company and loan lender approval standards, but poor credit people can still find bad credit financing.