Tag Archive | “fixed-rate cards”

Managing Your Cards: Guide to Read Your Monthly Statements – Part 2

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In my previous post I have discussed few parts of your monthly credit card statement and here in this article I am explaining the rest of them.

Grace Period:

It is a common question that how long do we have to pay our bill in full before we are charged interest?


The answer to this question is that if a balance is carried by you then you usually don’t have a grace period, and on new purchases interest accrues immediately. There is also a lack of grace periods for cash advances and balance transfers. For details you can check your credit card agreement.

Minimum Payment:

The lowest amount you can pay on your bill is referred to as minimum payments. Usually it 2% to 2.5% of the balance, though for some credit cards it could be as high as 3% to 4%.

Due/Pay-by Date:

Due/Pay-by date is that date on which your payment has to be recorded in the credit card company’s computer. You should remember that it’s not the date when your bill has to be postmarked, or it’s not even that date when the payment arrives at the company’s office. Typically, the bill cycle comprises of 29 to 31 days, and usually the payment is due 20 to 30 days from the date when the bill was printed.

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Match your Card and Lifestyle: Find The Perfect Card for You

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You should first shop around before that you sign up for the first low-rate offer that comes in your way. Maybe the great rate that is offered by the credit card company only lasts for six months or any savings you could enjoy from the low introductory rate might be eaten up by the annual fee.

Shop around for your Card

It is advised that you should do a little comparison shopping and you may get success in finding a card with the same rate for at least a year or another card that offers the same deal but charge no annual fee.

credit cards

Use Credit Card Search Engine

An essential tool with which you can find the best card is the Bankrate.com which is credit card search engine. It serves as a great reference and comparison tool. You should keep it handy as you keep refining your choices.

If though you’ve already had your card for a while, but then also I suggest you to shop around again because now there might be a new deal with the same card company, or you may find a different, better arrangement out there with another card company that wants your business.

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December 2010
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