4. consider other sources of credit for lower interest rates, such as home equity lines of credit. Beware of introductory teaser rates. Make sure you understand how the interest rate can vary. Read the contract to see how it is calculated. Make sure you understand the terms related to late payment.
Many companies impose late charges and increase the interest rate for even one late payment.
Understand the card s billing methods. Read and understand the disclosures on the back of the credit card offer. Read and understand that contract that you receive with the card. If you don t like the terms, cancel the card. Once You Have a Credit Card 1.