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Extra Credit
Improving Overall Credit Management - Method of computing balance for purchases: Finance charges are calculated in different ways. Your account statement describes the method that applies to your card. Call your issuer's customer service department if you have questions about how your card's finance charges are calculated.
Grace period: This is the time in between credit card bills, where you can maintain a balance without accruing interest against your purchases. In other words, the grace period is the length of time one has to pay off a bill prior to incurring interest charges. Grace periods vary according to policies of the individual companies offering the lines of credit.
- Credit limit: This is the maximum balance you can carry on your account. Your credit limit helps keep your credit card charges at a level you can pay. Each card issuer has its own standards for setting credit limits. (Note that late fees and finance charges count toward your credit limit.)
- Late fees: Late fees are avoidable and late payments may harm your credit history, which could make it harder for you to get credit in the future. You may be charged a late fee if your payment doesn't reach the card company by the due date.
- Other fees: Companies may charge a fee if your balance exceeds your credit limit. You may also be charged fees for returned checks, returned cash advance checks or stop-payment requests.
- Special notices: From time to time, card issuers make changes to the terms and conditions of the cardholder agreement. Notices regarding these changes are typically inserted in the envelope with the billing statement. Make sure to carefully read the inserts that come with each credit card statement. If you have questions or are concerned about the new terms, speak with your issuer's customer service representative about your options.
Grace period: This is the time in between credit card bills, where you can maintain a balance without accruing interest against your purchases. In other words, the grace period is the length of time one has to pay off a bill prior to incurring interest charges. Grace periods vary according to policies of the individual companies offering the lines of credit. More information can also be found at the Federal Reserve Board's "choosing a card" Web site and through Your Credit Card Companies.