Financial Literacy Credit Series: Know and Follow the Rules of Credit Cards

When credit card offers start coming in the mail, make sure you know and follow the rules. This means that you need to read through the packet of information that came with the offer. Make sure you read the fine print. The likelihood is that they will highlight the best features like 0% APR on transfers and purchases, but they will not highlight that this is an introductory rate for the first year and the rate increases to 24% after that point. Search this kind of information out!

Once you are approved and sent the card you will get another larger packet of information in the mail and you should read this in depth as well. You need to educate and familiarize yourself about what you have gotten into and what your obligations are. If you can this is also a good time to set this card up through your online bill pay and enter it into your spending plan so that when the first bill comes you are all ready to pay it. To reiterate yesterday’s tip, I cannot stress enough how important it is to make your payments on time!

For all of LearnKey’s Financial Literacy Month resources, visit learnkey.com/financiallitmonth