I recently called a credit card company to learn about the some of the details that they will not disclose. These are the details that I have collected.
Q: If I miss a payment, will my interest rate go up?
A: If you default twice within 6 months, your interest rate will go up by an amount decided by the credit card issuer.
Q: If I withdrawl cash from my credit card, will I be charged interest immediately?
A: Interest will be charged as soon as the cash comes out of the machine. (Most banks)
A2: Interest will be charged 30 days after the date of cash withdrawl. (Some banks)
Q: I am a few days late paying my bill. Will I get charged interest and a mark left on my Equifax and Transunion credit center?
A: There is a 7 day grace period after the due date. If the payment is received after the 7 day grace period, you will get charged and the credit center will be notified. It is not possible to have the default payment removed from your records.
Q: If I lose my credit card, will I get charged for unauthorized transactions?
A: No, you have to notify us that the card was stolen and tell us which transactions are false.