Understanding the details and small print of the terms and conditions of your credit card
6) Understanding the details and small print of the terms and conditions of your credit card
As the old saying goes, the devil is in the detail. You’ve got to know what the small print says. This is especially true of credit cards. For any consumer who has been using credit cards for a number of years, they will understand that there are always a lot of details in a credit card’s policy. Like, a lot!
Properly reading and fully understanding these details – and also how they actually relate to your rewards – is extremely important. Needless to say, this is especially so if you are the type of consumer to use your credit card points as a sort of bonus, or extra income for yourself, as so many people with credit cards do.
The really scary thing is that the policy details are always changing. Credit card companies frequently change their terms and policies in order to keep up with various trends, lawsuits, and laws in general. When they do they will always send you a notice explaining their policy change. I can’t stress just how important it is to make sure that you pay really close attention to these statements. Depending on what the credit card company’s change of policy is, you may need to modify which credit card is the best for your spending per new reward program changes.
Another important thing that someone who is relatively new to using credit card points may often miss is that often reward points expire. They may expire in 12 months from use, or they may not actually expire for many years down the road. However, it’s really, really important that you know when they actually will expire. There is absolutely no point in building up lots of air miles or whatever…and then discovering that they’re of absolutely no use when you go to actually use them.