Are you guys getting bombarded through the mail and your phones with so many credit card solicitations that you really start to get confused about which offer that you should pick and sign on the dotted line for? You are not alone.
Every day the big credit card companies spend millions of dollars just to try to get you to go with their offers.
You should really do you best due diligence when searching for the top credit card because once you get stuck with a certain company you could end up with astronomical interest rate charges that you will not even notice until they drains your pocketbook dry.
There are some basic tips on what you need to look out for when signing up with a company.
What most people do not know about credit card offers is that every solicitation must be accompanied by a disclosure chart that shares some very important factual information about their true offer.
This is called the Schumer Box which was named after the very important New York Senator who worked very hard and pushed congress to get this historic law passed.
Thanks to this law the following information has to be shared with you about the following: 1.
They must state clearly in this box what their actual APR is .
This is very important because before this bill the information was either not there or in very small print and what you used to see most was the introductory rate specials that the credit card company offered.
Now they cannot just use this sales pitch special to get you reeled in and then surprise you with the real interest rates that hit your credit card statements with a bang.
2.
Now thanks to this law they must also disclose any special transaction fees that the credit card company will charge you just in case you decide to transfer your balance away from your current credit card to another company.
Transaction fees can also be charged for cash advances so what out for this also.
3.
Another extremely important charge that they must also disclose by law into the Schumer Box is the fee they will charge you if you ever go over your limit by accident or missing the monthly deadline for paying late on your credit card and missing your payoff date.
as you can see these are very important details that must now be disclosed to you.
It would be very wise to line up each credit card offer with the Schumer Box information disclosed under each one and compare which deal is the best for you short term and long term.
Thanks to the famous Senator the information is there for you to see.
You just need to spend a few minutes looking through it.
If you do not, you could end up regretting it later on.