A Good Credit Card

A good credit card is not an oxymoron. If you pay the balance in full each month, you can "borrow" money interest free for a few weeks. And, there are additional benefits such as air miles and other rewards, theft and damage protection, extended manufacturers' warranties, and zero liability for any goods or services not delivered.

But, it is important to stay on top of these cards and be aware of the fine print on each credit card agreement.

Do you know...

• The annual percentage rates you will be charged if you carry over a balance, transfer a balance, or get a cash advance?

• The minimum payment required and the grace period, i.e. how long you can take to pay your fill in full before you are hit with a finance charge?

• The method used to calculate your outstanding balance if you don't pay in full?

• You credit limit and whether they can change it without notifying you?

• The annual fee?

• When your payment is due and when it is considered late?