Know Your Credit Card

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Here's a handy checklist of questions you should ask yourself and the credit card issuer when you're looking for a credit card. Be sure to take these questions and the Worksheet to Help You Choose a Credit Card (PDF Version, 147 kB) with you when you comparison-shop.


Ask yourself:

• How much credit can I handle?
• Will I be able to pay my balance in full each month?
• Would I benefit from a rewards program?
• Am I prepared to pay an annual fee?
• Do I shop at a particular retailer often enough to benefit from their card?
• Have I shopped around for the credit card that best suits my needs?

When you're checking out the terms and conditions of the card:

• What are its annual fee or other applicable fees?
• What is the minimum monthly payment?
• What is the interest rate on purchases, cash advances and balance transfers?
• How is interest calculated?
• How long is the grace period?
• What are the consequences of late payments?
• What features or enhancements are offered?
• What customer service or support is available for the card?

When considering an introductory low-rate offer:
To which type(s) of transactions does the introductory low rate apply?
When does the introductory period end?
What interest rate will apply at the end of the introductory period?
Are there any other fees or conditions that apply to the offer?
Will the introductory rate period end if I make a late payment or if I go over my card limit, and if so, what will the new rate be?
What is the "order of transactions" for my payments?
Will this order of transactions affect any savings I may get with a low introductory rate?