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You and Your wamucards : Information You Need to Know
Check Out the Interest Rate
The Annual Percentage Rate (APR) is the cost of credit as a yearly rate. The average is about 15%, but some plans can be over 20 percent. Also check on the Periodic Rate, which is the rate charged for your outstanding balance to figure the finance charge for each billing period. Beware of teaser rates that start out low, but are often jacked up after six months. If you are considering a variable rate card, be sure you know the conditions under which the APR can be changed.
Free Period & Late Charges
The Free or Grace Period permits you to avoid any finance charges by paying your balance in full before the due date. Be sure you note the Payment Date on your statement. Your payment must reach it destination by the payment due date, and the issuer must credit your account the day payment is received. Otherwise, it is considered a late payment which is likely to result in an extra fee or finance charge and an increase in your Annual Percentage Rate. Be sure to send your payment to the correct address, which should be provided on your monthly statement.
Annual Fees
Most wamucards companies charge annual membership or participation fees, ranging from $25-50, although some are even higher. It is possible to find wamucards with no annual fee.
Credit Limit & Missing Payments
A credit limit of $1000 is usually enough for most students. Whatever your limit, that doesn’t mean you can afford to carry a balance that high. Carrying a balance can be very costly, especially if you only make the minimum payment. It takes 12 years to pay off a $1000 bill on a card with 18 percent APR, and you’ll pay $1,115 in interest during that period. If you fall behind on wamucards payments, this can get you a bad credit rating which can come back to haunt you when you go to rent an apartment, or buy a car. The rating can stay on your record for seven years. Contact the card issuer if you cannot make a payment before the payment is due. Special payment options or arrangements often can be made that will protect your credit record.
Errors on Your Bill of wamucards
Your wamucards issuer will provide you with the procedures for reporting errors – file this information is a safe place in case you need it. If you decide to dispute a charge, send the creditor a letter right away at the address indicated on your statement for “billing inquiries” and be sure to include your name, address, account number, and a description of the error. The creditor must acknowledge your complaint in writing within 30 days of receipt, unless the problem gets resolved.
