Credit Cards: Look Before You Leap
Texas CPAs Offer Advice on Reading the Fine Print
How much money are you planning to spend on friends and loved ones this holiday season? If you’re putting your purchases on credit and you aren’t paying the monthly bill in full, it’ll cost you even more.
Texas CPAs say consumers should read the fine print on credit card offers very carefully and be wary of cards with low introductory interest rates that increase significantly after the introductory period. Paying high rates and late payment penalties can leave you limping, not leaping financially.
According to Texas Society of Certified Public Accountants (TSCPA) immediate-past Chairman James A. Smith, people should take the time to understand the financial terms and obligations when they apply for credit.
“Not all credit cards are created equal. Consumers should shop around for a card with the best rates, just like you should do with insurance policies,” said Smith.
Once you get a credit card, make sure you pay your bill on time each month and keep your eyes open for changes to the card’s terms. Texas CPAs say you can establish a good credit history by using a credit card responsibly and making timely payments. Not doing so can negatively affect your credit score.
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Finance
