Credit Card Facts

Video Transcript

"Hi. This Matt McKillen with Innovated Financial Group. I had a question posed to me today basically about just different types of credit cards facts. First off I can let you know that there's really only like four different types of credit cards available. You have either a Visa, a MasterCard, a Discover card or American Express. Most credit card companies give you a fixed rate of interest on your credit card. But when you sign your credit card agreement and you look down in the fine print, you'll find that there's a lot of loop holes in there for the credit card companies to have the ability to increase your rate. One of the ways that you can actually have a rate increase on your card is by making your payment late or past the due date. Always be very sensitive to when the due date is on your credit card. I've had people, clients of mine, that had maybe a 9% rate on their credit card and because they, and they've never been late the whole life of the card that they had, but because they got a payment in 3 days late past the due date, they were surprised to see when their next statement came out that their interest rate had been increased to like 24%. So, as far as credit card facts, always look over your agreement. Find out all the fine print. See what the terms are. Make sure it's a fixed rate of interest and I think you'll be less surprised down the road. Again, my name is Matt McKillen. I'm with Innovated Financial Group."