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  • Guide to Understanding Credit Cards Terms & Conditions (Part 2)

    Asking about international fees and other conditions associated with credit cards can help borrowers clarify the terms and conditions associated with a particular line of credit.

    Asking about international fees and other conditions associated with credit cards can help borrowers clarify the terms and conditions associated with a particular line of credit.

    As a continuation of Guide to Understanding Credit Cards Terms & Conditions (Part 1), here are some additional key questions that borrowers should ask creditors in order to help clarify the terms and conditions associated with a line of credit if reading the contract doesn’t provide clear answers. Taking the time to ask these questions of credit card companies ahead of time can save borrowers from dealing with huge financial headaches in the future.

    • Overlimit fees – Do I have to “opt in” in order to be able to exceed the limit on my credit card? What is the cost of overlimit fees assessed should I incur them? Will an overlimit fee also trigger an increase in my card’s interest rate?
    • Cash advances – Does the card allow for cash advances at an ATM or bank? If so, what is the interest rate charged on cash advances? When would the first payment on a cash advance be due?
    • Balance transfers – Can I transfer the balance from another credit card onto the new credit card? If so, is there a fee assessed for each balance transfer? Is there a limit to the amount of a balance that can be transferred or the number of times I can transfer balances from other credit cards?
    • Credit card rewards – What is the interest rate on a company’s rewards credit card (Keep in mind interest rates on rewards cards tends to be higher than that for non-rewards cards)? How much do I have to spend on a credit card before I start accumulating rewards? When do the accumulated rewards expire? Are there “blackout” dates or specific rules regarding how or when I cannot “cash in” my accumulated rewards?

    If you are struggling with debt and are looking for a financial fresh start, contact the trusted Colorado bankruptcy lawyers at The Law Office of Andrew McKenna. For more than 20 years, we have been successfully overseeing our Clients’ bankruptcy cases so they can resolve their financial issues as beneficially as possible. Our comprehensive legal knowledge coupled with our vast experience allows us to consistently and efficiently help our Clients achieve the best possible resolutions to their financial matters. For an evaluation of your case and expert advice regarding how to move forward, call us at (303) 730-8819.

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