Confused About Credit Cards?
Are Your Credit Cards Confusing You?
If you’re confused about your credit cards or the terms and conditions of the credit cards you hold, you’re not alone. A recent nationwide consumer study brought forth alarming statistics. Just when we thought that the masses were being educated in regards to their credit cards, we may be in the dark more now than ever.
What You Don’t Know Can Hurt You
You’d think that if you had a credit card, you’d know your credit card limit. Surprisingly, a whopping 20 percent of consumers who took the credit card survey didn’t even know the limit on their credit cards. Sound shocking? Then the fact that more than 40 percent of the respondents didn’t even know what APR they were paying should be even more surprising!
The Bottom Line
So what’s the bottom line here? Make sure you know the terms and conditions of your credit cards. What you don’t know can hurt you. If you don’t know your credit limit, you’re at risk of incurring an over-the-limit fee and if you don’t know what interest rate you’re being charged, you don’t know whether or not you can get a better deal elsewhere and you may be throwing money away. So when it comes to your credit cards, stay on top of the game.