Credit cards are easy to sign up for, but complicated in their contractual obligations. No wonder then that many credit card holders don’t know the basics of their cards. Important information like interest rates, credit limits, due dates for payment and the long list of penalty fees and service charges are soon forgotten.
The possession of a credit card induces a kind of ‘magic-thinking’. This is easy money, with few strings attached. Many keen shoppers will sign on for seemingly hassle free interest free promotions, and in the heat of the purchase fail to inquire into the basics of the agreement.
However, once a credit card contract has been signed the customer has entered into a legal agreement.