RICHMOND, Va. (WWBT) - A lot of people are relying on credit cards to help them get through this pandemic. If you’re looking for one to help you out during this time-- listen up! You want to watch out for grace periods and fees.
The grace period is the window of time you have between the cut-off of your billing cycle and your payment due date. It’s usually between 21-30 days. This is so you know when to pay off your amount in full to avoid any interest.
And Cherry Dale a financial coach with the Virginia Credit Union says you should also know a credit cards fees. We’re talking about the fee for being late on a payment or going over your credit limit or an annual fee.
″And you might get socked with an annual fee if you’re just starting off because you don’t have credit, but you’re paying the credit card company $100 a year just to have access to use that credit card," said Dale.
She says just know the fees-- so you aren’t surprised. This information will also help you decide if a card is really worth it for you.
Copyright 2020 WWBT. All rights reserved.