What is a credit card holder
What is a credit card holder agreement?
A credit card holder agreement is the document you sign that says you understand and will follow the terms and conditions set by the credit card company. That’s the short answer. There’s a bit more you need to know before signing on that dotted line. The document below explains why having a card is important, what a credit card holder agreement is for, how to evaluate one, and how to find a card with favorable terms.
What is that old adage? You can’t live with them and you can’t live without them? Many people find that this is exactly what they think about credit card companies. The bottom line, however, is that this is a credit card world and without good credit, you will not be able to purchase certain items, such as a new car or a house to live in. Well, if you have the money to purchase those items outright, then perhaps that isn’t the case, but for the majority of the world, this is not a feasible option. This leaves them in the situation of having to establish some credit so that they can eventually purchase these items.
The first thing that any person will have to do to establish their credit is to either get a loan or get a credit card. Both of these options are a lot tougher in recent years for an important reason. This is a tough economy and banks and other types of lenders are in trouble. No longer are companies willing to take the kinds of risks that they were taking a few short years ago in terms of loaning money or approving credit cards.
This does not mean that it is impossible for you to get a credit card, only that you are going to have to accept higher interest rates as well as less tolerance if you are late on a payment or you miss a payment. In fact, some companies are becoming so stringent that if you miss a single payment they will close your credit card account and if you are late by even a couple of days they will increase your interest rates.
If you want to know how to determine what to expect from your new credit card (or even your established one) when you open an account, then read on!
The Card Holder Agreement
Okay, here it is; every card has what is called a card holder agreement. In essence, this is the contract that you sign with the credit card company that says that not only do you accept the credit card that they are offering, but also that you accept their terms and conditions regarding your credit card. By signing the agreement, you are also stating that you have read the agreement thoroughly and that you understand your obligation to the credit card company.
What Information is in the Card Holder Agreement
Some of this information will vary from company to company; however, what you will find on every single card holder agreement are the terms of the credit card. These terms will include your APR, finances charges, monthly and annual fees (if these don’t exist your agreement will have a zero next to these charges), the fees that you can expect if you are late on a payment and the fees to expect if your method of payment does not go through. This agreement will also explain to you the fees and interest rates that you will pay if you choose to get cash with your credit card (these rates will be higher than your regular interest rates).
In addition to the information on fees, your card holder agreement will tell you if there is a maximum use per day for your credit card, the fees for adding other users to your card, how
often your account will be reviewed for consideration for increase (and if there is a fee associated with that) and what your responsibilities are for your card (how often you will be expected to pay and so on).
Another thing that you will see on your card holder agreement is the information that you will need should your card be lost or stolen or if you suspect that your identity has been stolen. It is important to keep this information available just in case something should happen to your credit card, as it will provide you with the appropriate numbers to call.
In addition to all of these things, you will also find the credit card companies responsibility to you, and in most cases, you will find that their responsibilities are few. In fact, a little known fact is that most agreements state that they can close your account at any time and for any reason (although it is rare for them to do this to an account in good standing).
You should always read your card holder statement thoroughly before you sign an agreement, as you do not want to have any surprises at a later date with your credit card. There isn’t a court in the world that will allow you to get away with a defense of “I didn’t know about that” if you should find yourself being sued by a credit card company for non-payment of your debt. Make sure that you understand everything in your agreement and research anything that you don’t understand.
Finding the Cards with the Best Card Holder Agreement
Okay, so you want to find the best card possible. Well fortunately for you, you are in the right place. Our credit card finder is going to do just that for you. Every card holder agreement is different, not in terms of what the credit card companies are sharing with you, but in terms of exactly what your fees and interest rates are going to be.
If you have good to great credit, you are going to find that we can find credit cards for you with low interest rates and great bonus programs. If you want a card that has no annual fees, then we can find that card for you. If you want a card with Cinderella on the front, if it is out there, we will find it for you. We will take the guesswork out of finding your credit card.
If you have fair to bad credit, then we can help you too, although the process might be a little different. Unfortunately, you will have to accept that you will not be able to get the lowest interest rates like someone with good or great credit can. However, there are still companies who are eager to help you to establish a credit score or help you rebuild your credit and we can help you find those companies too.
Establishing good credit has never been as important as it is today. It will be some time before banks and credit card companies start loaning to high risk individuals again. This is the time for you to work on your credit so that in the future you can buy yourself a car or that new house that you have always dreamed of. There are responsible ways of doing this and you owe it to yourself to get into the best place possible financially, and in this world establishing good credit is part of that process.
With so many options available to you online, it can be frustrating and overwhelming trying to sort through the many different credit card companies and banks. Let us take the guesswork out of your credit card search and find you the right credit card for your needs. Try our credit card finder and see what cards we can find for you!Source: www.creditcardchaser.com