Credit Cards and You: Getting the Most from Your Credit Card

Your Credit Card Checklist

Here's a handy checklist of questions you should ask yourself and the credit card issuer when you're looking for a credit card. Be sure to take these questions and the Worksheet to Help You Choose a Credit Card (PDF Version, 55 kB) with you when you comparison-shop.

Ask yourself:

• How much credit can I handle?
• Will I be able to pay my balance in full each month?
• Would I benefit from a rewards program?
• Am I prepared to pay an annual fee?
• Do I shop at a particular retailer often enough to benefit from their card?
• Have I shopped around for the credit card that best suits my needs?

When you're checking out the terms and conditions of the card:

• What are its annual fee or other applicable fees?
• What is the minimum monthly payment?
• What is the interest rate on purchases, cash advances and balance transfers?
• How is interest calculated?
• How long is the grace period?
• What are the consequences of late payments?
• What features or enhancements are offered?
• What customer service or support is available for the card?

When considering an introductory low-rate offer:

• To which type(s) of transactions does the introductory low rate apply?
• When does the introductory period end?
• What interest rate will apply at the end of the introductory period?
• Are there any other fees or conditions that apply to the offer?
• Will the introductory rate period end if I make a late payment or if I go over my card limit, and if so, what will the new rate be?
• What is the "order of transactions" for my payments?
• Will this order of transactions affect any savings I may get with a low introductory rate?