QuestionJune 15, 2025

Why is it important to know about a credit card's fees and interest rates? Some cards offer special interest rates, but only for short periods of time. Larger purchases can mean higher credit card interest rates. Fees, interest rates and penalties are the same for all cards. It is illegal for you not to know it.

Why is it important to know about a credit card's fees and interest rates? Some cards offer special interest rates, but only for short periods of time. Larger purchases can mean higher credit card interest rates. Fees, interest rates and penalties are the same for all cards. It is illegal for you not to know it.
Why is it important to know about a
credit card's fees and interest rates?
Some cards offer special interest rates, but
only for short periods of time.
Larger purchases can mean higher credit card
interest rates.
Fees, interest rates and penalties are the
same for all cards.
It is illegal for you not to know it.

Solution
4.0(294 votes)

Answer

It is important to know about a credit card's fees and interest rates to manage costs effectively, understand promotional offers, and recognize that these terms vary across different cards. Explanation 1. Understand Financial Impact Knowing fees and interest rates helps manage costs and avoid unexpected charges. 2. Identify Promotional Offers Special interest rates may apply temporarily, affecting long-term financial planning. 3. Recognize Variability Fees, interest rates, and penalties vary by card, impacting overall expenses.

Explanation

1. Understand Financial Impact<br /> Knowing fees and interest rates helps manage costs and avoid unexpected charges.<br />2. Identify Promotional Offers<br /> Special interest rates may apply temporarily, affecting long-term financial planning.<br />3. Recognize Variability<br /> Fees, interest rates, and penalties vary by card, impacting overall expenses.
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