The next time you open your credit card statement, take a closer look at the small insert titled changes to your credit card agreement. You know the one Im speaking about. Its that small, folded paper written in legalese that you promise to read some other time (but of course that time never comes) or you just discard it with the other junk inserts.
First and foremost you must understand that using your credit card after youve received this notification results in your automatic agreement to the new terms in the notice. To prevent these new terms from affecting your account you must stop using that credit card immediately or by the date given in the notification statement.
The most common modifications to credit card agreements include new APRs (annual percentage rates), new fees and/or changes to existing fees, or a change to the grace period on your account. The grace period is the number of days during which any credit used for purchases may be repaid in full without incurring a finance charge.
Not knowing or not keeping track of the dollar amount limit on your card is another trap you should avoid. Credit card issuers will allow you to charge a...
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