The Forbes Guide to Credit Cards

provide that your personal liability for credit card fraud is a maximum of $50 if you report that your card is lost or stolen within two days of realizing it. If you don’t report a card theft or loss within two days, your liability increases to $500. If you still have physical possession of your card and there are fraudulent charges made on it, you have $0 liability so long as you report the fraud within 60 days of the time your card statement showing the fraud is sent to you.

The credit pull helps credit card companies decide how high an APR you are eligible for. High credit scorers could qualify for a lower interest rate compared to low scorers. Credit card users who prefer to carry a balance instead of paying their balance off every month should aim to get the lowest interest rate. That way, they’ll pay less interest.Credit Card Sign-up Bonuses

There are a couple of other things to watch out for with sign up bonuses, including hidden fees that could diminish your bonus. Finally, be sure to compare other sign-up bonuses currently offered by the same bank for other cards and by other banks.: Credit card issuers charge you a fee for any payments deemed late.

People manage their credit card balances in two main ways and be described as either revolvers or transactors. An interest rate, also known as the annual percentage rate , is the yearly cost of the credit you are borrowing from a financial institution. A financial institution could be a traditional commercial bank, credit union or an investment bank with banking services. The APR is determined by your creditworthiness and also by what you do with the credit card.

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