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take care with your credit cards -- they have sharp edges

 

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Federal Reserve Board Checklist
for comparing
credit cards


Think about how you will use your credit card. Do you expect to:

Choosing a Credit Card. Pay your montly bill in full?
Carry over a balance each month
Get cash advances?

Once you have decided how you will use your credit card, you can use this checklist to compare cards. Information about most of the features is given in the disclosure box that must appear in all printed credit card solicitations and applications.

Feature

Card A

Card B

Card C


What are the APRs?

     For purchases?

 ___________ ___________ ___________

     For cash advances?

 ___________ ___________ ___________

     For balance transfers?

 ___________ ___________ ___________

     If you pay late?

 ___________ ___________ ___________
  

What type of interest does the card have?

     Fixed or variable? Tiered?

 ___________ ___________ ___________
  

How long is the grace period?

     If you carry over a balance>

___________ ___________ ___________

     If you pay off the balance each month?

 ___________ ___________ ___________

     For cash advances?

 ___________ ___________ ___________
  

How is the finance charge calculated?

     One cycle or two?

 ___________ ___________ ___________

     Including or excluding new purchases?

 ___________ ___________ ___________

     Average or adjusted?

 ___________ ___________ ___________

     Minimum finance charge?

 ___________ ___________ ___________
  

What are the fees?

     Annual

 ___________ ___________ ___________

     Late-payment

 ___________ ___________ ___________

     Over-the-credit-limit

 ___________ ___________ ___________

     Set-up

 ___________ ___________ ___________
  

What are the cash advance features?

     Transaction fees

 ___________ ___________ ___________

     Limits

 ___________ ___________ ___________
  

How much is the credit limit?

 ___________ ___________ ___________
  

What kind of card is it?

     Secured? Regular? Premium?

 ___________ ___________ ___________
  

Does the card offer other features?


     Rebates

 ___________ ___________ ___________

     Frequent flier miles

 ___________ ___________ ___________

     Insurance

 ___________ ___________ ___________

     Other

 ___________ ___________ ___________

 

Last update: March 8, 2007

 

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