What You Need to Ask

Questions to ask when applying for a standard credit card from an out-of-state bank:

1. Do you issue Visa or MasterCards nationally or just regionally? (You don’t want to waste your time and the bank’s by requesting a card you’re not eligible for.)

2. Does the card have an annual fee? If so, what is it?

3. What is the annual percentage rate of interest on the card? Is it fixed or variable?

4. Is there an extra charge for cash advances?

5. What is the grace period--the number of days in which a customer can pay off a bill without being charged interest if there is no prior balance?

6. Is there an added fee for late payments?

7. What is the fee if you charge over your credit limit? Is it a flat rate or percentage?