Originally posted at Consumer Financial Protection Bureau: https://www.consumerfinance.gov/consumer-tools/credit-cards/
Whether you’re shopping for a new card or getting a handle on an existing one, here are the resources you need to manage your credit cards.
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Basics
Learn when companies can change your credit card terms
A company can typically change your credit card terms for future purchases, but they’re generally required to notify you 45 days in advance of any significant changes. Read more
Understand how a credit card issuer calculates your interest rate
Your interest rate is what you pay for borrowing money, and most companies calculate it daily. The sooner you pay all or part of your balance, the less interest you pay. Read more
Learn the difference between a fixed and variable APR
Credit cards have interest rates that are either fixed or adjustable based on an interest rate index. When shopping for a card, find out if the APR is fixed or variable. Read more
Understand your situation
Common issues
- You received a low credit limit
- You paid off your balance but were charged for interest
- You tried to make a purchase but were told the charge was not “authorized”
- Explore common issues
Know your rights
- Your interest rate on existing balances generally cannot increase unless you’re late on your payments
- A card issuer cannot take more than 90 days to resolve a billing error
- If you report a lost or stolen card before it’s used, you can’t be held responsible for unauthorized charges
- Explore your rights
