So it may still be wise to consider the annual

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feature, many cards do not permit a grace period for the amounts do - even if they have a grace period for purchases. So, it may still be wise to consider the ANNUAL PERCENTAGE RATE and balance computation method. Also, if you plan to pay for purchases over time, the ANNUAL PERCENTAGE RATE and the balance computation method are definitely major considerations. You'll probably also want to consider if the credit limit is high enough, how widely the card is accepted, and the plan's services and features. For example, you may be interested in "affinity cards" - all-purpose credit cards sponsored by professional organizations, college alumni associations and some members of the travel industry. An Page 4 Page 4
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Choosing and Using Credit Cards affinity card issuer often donates a portion of the annual fees or charges to the sponsoring organization, or qualifies you for free travel or other bonuses. Special Delinquency Rates . Some cards with low rates for on-time payments apply a very high ANNUAL PERCENTAGE RATE if you are late a certain number of times in any specified time period. These rates sometimes exceed 20 percent. Information about delinquency rates should be disclosed to you in credit card applications or in solicitations that do not require an application. Receiving a Credit Card Federal law prohibits issuers from sending you a card you didn't ask for. However, an issuer can send you a renewal or substitute card without your request. Issuers also may send you an application or a solicitation, or ask you by phone if you want a card - and, if you say yes, they may send you one. Cardholder Protections Federal law protects your use of credit cards. Prompt Credit for Payment . An issuer must credit your account the day payment is received. The exceptions are if the payment is not made according to the creditor's requirements, or the delay in crediting your account won't result in a charge. To help avoid finance charges, follow the issuer's mailing instructions. Payments sent to the wrong address could delay crediting your account for up to five days. If you misplace your payment envelope, look for the payment address on your billing statement or call the issuer. Refunds of Credit Balances . When you make a return or pay more than the total balance at present, you can keep the credit on your account or write your issuer for a refund - if it's more than a dollar. A refund must be issued within seven business days of receiving your request. If a credit stays on your account for more than six months, the issuer must make a good faith effort to send you a refund. Errors on Your Bill . Issuers must follow rules for promptly correcting billing errors. You'll get a statement outlining these rules when you open an account and at least once a year. In fact, many issuers include a summary of these rights on your bills.
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