It's typical for credit card issuers to try to sell additional products or services to their cardholders. While most issuers are upfront about their products and prices, it's not unheard of for a particularly aggressive marketer to charge you for a product like credit protection (which is a sort of insurance that pays the minimum payment on your credit card if you become ill or unemployed) that you didn't purchase or that you cancelled.
Another thing to be aware of is a company that requires you to pay a fee before it will send you the credit card. In most cases, you should refuse the card and look elsewhere for credit. If, however, you're having a difficult time establishing credit, you may not have a lot of options. In that case, check and double-check that the card issuer asking for the fee is a highly reputable one. Otherwise, you just might lose your money.
Federal Law Protects Consumers' Rights
Credit card companies are required by federal law to spell out all of the costs associated with the credit you are granted. This information should be included in any credit card offer you receive and on the back of the monthly statements. If you can't find information about a card's fees, be sure to talk to a company representative until you're satisfied. If that still doesn't reassure you, walk away and look into other credit card offers.
If you think you've been misled or deceived by a credit card company, you should immediately contact the Federal Trade Commission's Consumer Response Center at 877-FTC-HELP (382-4357).
When you give a credit card company your business, you're casting a vote of confidence. Make sure the company you choose deserves your business and your trust.
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