Q: How do I get a credit card?

A: A credit card can be obtained in many different ways. The most common way is by responding to a direct mail solicitation sent to you from a financial institution. Often, the financial institution with which you have a current or savings account will offer credit cards as well. Many banks also now offer credit card applications on their websites.

Q: My credit card has been lost or stolen. What should I do?

A: Contact the financial institution that issued the credit card. This will stop any unauthorized user from making fraudulent charges. It's always a good idea to keep a list of your credit card account numbers and their customer service numbers in a safe place (not your wallet) in case your cards are lost or stolen.

Q: How do I request an increase in my credit line?

A: Most credit card issuers are now able to authorize an increase in credit lines over the telephone. You may also want to make the request in writing as well. Many times, if you have demonstrated the ability to use your card responsibly, your credit card issuer may offer you an increase automatically.

Q: I think there's an error in my credit card statement. What should I do?

A: Should you find an error in your credit card statement, immediately call the financial institution that issued the card to dispute the charge. The credit card issuer will investigate the transaction.

Q: I'm not satisfied with the quality of an item purchased on my credit card and the merchant will not give me a refund. I haven't paid the bill yet. What do I do next?

A: Contact your credit card issuer in writing to let the issuer know of your attempt to resolve your dispute with the merchant. Financial institutions may have different policies. In most cases, your card issuer may get involved in the dispute process and help you resolve the issue. One of the many protections afforded to you as a credit cardholder is protection against purchases that "aren't as described", not delivered or are damaged in some way.

Q: Are merchants permitted to establish minimum or maximum transaction amounts for payment cards? Are they permitted to charge me extra for using my credit or debit cards?

A: No. Merchants are not allowed to establish minimum or maximum transaction amounts or impose a surcharge for payment cards unless the local law expressly requires a merchant be permitted to impose a surcharge. This is against the policy of international card companies. If you encounter a merchant that does impose a minimum or a surcharge, you can report this to your credit card issuer which may choose to report the merchant to its acquiring bank.

Q: I am having trouble managing my debts. What should I do?

A: If you find yourself having trouble managing your debts, the first thing you should do is review your income versus your expenditures to see where your spending pitfalls are. Living within your means is not always easy. Talk to your creditors. Most can offer advice and assistance as well as money management materials.

Q: I carry a balance on my credit cards. Does the date I make my payment make a difference in how much I pay for finance charges?

A: This varies from bank to bank, but in general, most financial institutions establish interest rates and billing policies that they have to communicate to you when the card is issued. If you have questions, you should contact your issuing bank's customer service representatives for help.

Q: Can I use my credit card at an ATM to access my bank account or to get cash advance?

A: A debit card allows you to access the money in your current or savings accounts, called deposit accounts by the banking industry, either through ATM cash withdrawal or point-of-sale purchases at merchants. A credit card provides you with a line of credit - a loan that is completely separate from your deposit accounts. A credit card with a PIN can be used to withdraw cash from an ATM. These loans are called cash advances. Be aware that, when you take a cash advance from your credit card, there is usually a fee charged. Balances on cash advances may also be charged higher interest rates and sometimes aren't given a grace period for accruing interest. Check with your issuing banks for specifics.

Q: What happens if I try to make a purchase with my credit card that would exceed my credit limit? Will I be charged a penalty fee?

A: Every bank's policy is different. For information on fee structures and penalty fees, contact your card issuer directly.

Q: What is a debit card?

A: Debit cards are a "pay now" tool. When used, money from your current or savings account is electronically transferred to the account of the merchant from which you are making the purchase.

Q: How do I get a debit card?

A: Since debit cards are linked to your current or savings accounts, you should check with the financial institution that holds those accounts to see if it offers a debit card option and what are the eligibility requirements. Debit cards are a convenient, safe, and widely accepted alternative to cash and checks.

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