November 11,2008
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Credit Card Tips: 101, Pt.3
– Cut to the chase with Terms Tables.Tip No. 3: Read the tables first.
Fine print is designed to be very confusing. Avoid this pitfall by going directly to the "Terms Table". Honest issuing banks always include them with their credit card offers. They're concise and provide a simple breakdown of what to expect (truth in lending, I think). When choosing a credit card, note every asterisk closely. Beware of ambiguous wording and fuzzy terms like ‘complementary', ‘promotional' and' ‘special...'. These are promotion-specific and are not credit-card industry standard terms. They usually hold a misleading meaning to the innocent. This is where you may need to consult the fine print.
If there's still any doubt, make sure to call the credit card customer service line, always provided somewhere in the offer. Use the (800) number and your speaker phone, you may be on hold awhile. If you get lost in the convoluted voice menu system and can't reach a human soon, try choosing the ‘zero-keypad' on your phone several times, even though it's not a menu choice. This will usually get you a human in less than a minute. Generally, new credit card applicants get quick service.
When you reach a human, become like a human yourself and feel free to converse. Practically, these people work for you. Start by writing down that person's name, the time and date of the call. It's only polite to address a person by their name anyway and if your call gets cut off (which happens frequently) you won't have to start over with someone new when you call back. Make sure you are perfectly clear on the credit card information you get, by paraphrasing what you understand in your own words. End the call by noting that person's affirmation that what you stated back to them is the answer they'll commit to. It's much simpler than it seems and fairly safe.