NuVision FCU August 2015
How Well Do You Know Your Credit Card?

Do you know what would happen if you went over the credit limit on one of your credit cards, or if you made a late payment? If you got the card from a large national card issuer, chances are you'd be charged high penalty fees, and you might find your interest rate hiked to more than 30%.

Do you know whether your interest is fixed or variable? Most credit cards are variable rate, and will increase as rates rise.

If you're not sure about the fees and penalties for your credit card, ask your card issuer. The terms may have changed since you opened the account, and you may not have seen the notification, which generally accompanies your account statement. You should know:
  • Your interest rate.
  • Is your interest rate fixed or variable?
  • Whether there are different rates for balance transfers, cash advances, and purchases.
  • The order in which payments apply to different types of transactions--some banks pay off low interest-rate balances first so the high-rate ones stay on your account longer.
  • Whether the rate could increase to a higher penalty rate, and under what circumstances (such as a late payment--on this card or any other card).
  • Annual fee, late fee, and overlimit fee amounts, and when they're charged.
  • What other fees are charged, and when.
  • The grace period, or number of days from the billing date you may pay in full without incurring finance charges.
If you're not satisfied with the answers, maybe it's time to shop for a better card. And be sure to ask these questions up front. In most cases, you'll find credit union credit cards are the most consumer friendly with lower fees and fixed rates. Click below, stop by a NuVision branch, or call 800.444.6327 to get a better deal on a credit card.

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7812 Edinger Avenue
Huntington Beach, CA 92647


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