While the economy has recovered since the crash of 2008, many consumers are still wary of opening more credit card accounts . This is especially true of young consumers. Many millennials have avoided credit card debt and continue to do so. However, opening a credit card is an easy way for consumers to build credit . Consumers should ask card issuers the following questions before opening a card account to help assuage their fears.
- The first thing to ask is how the card issuer handles missed payments . Will they allow consumers to miss a payment without incurring late fees or other penalties? Do they take into account consumer emergencies , such as hospitalization? Some have a forgiveness policy, and many will assist cardholders if they fall behind on payments. Some cards do not charge fees or add a penalty interest rate , even if the consumer makes many late payments.
- Another thing consumers should ask is if they can choose when their card payment is due. The ability to schedule the due date at a convenient time means consumers will be less likely to miss payments. Consumers paid once a month may want to set the due date on the first, while those paid twice-monthly may find it easier to pay their credit card later.
This article was provided by our partners at moneytips.com .
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