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Choosing and Using Credit Cards

Choosing and Using Credit Cards

Chances are you have received offers in the mail asking if you would like to open credit card accounts. Frequently, these offers say that you have been “pre-approved” for the card, with a line of credit already set aside for your use. Typically, these offers urge you to accept quickly, “before the offer expires.” However, before accepting a credit card offer, understand the card’s credit terms and compare costs of similar cards to get the features and terms you want.

Credit card offers may seem attractive, but remember a credit card is a form of borrowing that usually involves a “finance charge” — a charge for the convenience of borrowing — and often other charges as well.