Question 1

What credit limit can I get?

Accepted Answer

Credit limits typically range from $1,000 to $50,000 based on your income, expenses, existing debts, and credit history. Under responsible lending laws, the card issuer must assess what you can afford to repay, not just the maximum you might qualify for. First-time credit card holders usually receive lower limits ($2,000-$5,000) which can increase over time with responsible use.

Question 2

How long is the interest-free period on credit cards?

Accepted Answer

Most credit cards offer up to 55 days interest-free on purchases when you pay the full balance by the due date each month. This interest-free period doesn't apply to cash advances, which accrue interest immediately. To maximize interest-free benefits, pay your full statement balance on time every month. Carrying a balance means all new purchases accrue interest immediately.

Question 3

What's the difference between purchase rate and cash advance rate?

Accepted Answer

The purchase rate applies to regular credit card purchases and may include an interest-free period if you pay your balance in full each month. The cash advance rate — which is almost always significantly higher — applies to ATM withdrawals, bank transfers, and sometimes gambling transactions, with interest charged immediately from the transaction date and no interest-free period. Each card's exact rates are set by its issuer and listed in the Key Facts Sheet. Cash advances should be used sparingly due to the higher cost.

Question 4

How do credit card rewards programs work?

Accepted Answer

Rewards programs earn points on purchases, typically 0.5-2 points per dollar spent. Points can be redeemed for flights, gift cards, merchandise, or statement credits. Annual fees on rewards cards offset some of the value, so ensure your spending generates sufficient rewards. Low-fee or no-fee cards suit those who won't maximize rewards, while bigger spenders can benefit from premium cards with better earn rates.

Question 5

Can I transfer my credit card balance to save on interest?

Accepted Answer

Yes, balance transfer offers allow you to move existing credit card debt to a new card with a promotional low rate — often 0% for an introductory period of six months to a couple of years. This can save significant interest and help you pay down debt faster. Balance transfer fees (usually a small percentage of the transferred amount) may apply. After the promotional period, the card's standard rate applies, so aim to clear the balance during the promotional period.

Question 6

How does increasing my credit limit affect my credit score?

Accepted Answer

Requesting a credit limit increase triggers a credit check, which may temporarily lower your score. However, a higher limit improves your credit utilization ratio (amount owed vs. available credit), which can boost your score if you maintain low balances. Only request increases when needed, and avoid maxing out your limits as high utilization (>30%) negatively impacts your credit score.

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Credit Cards FAQs

What credit limit can I get?

How long is the interest-free period on credit cards?

What's the difference between purchase rate and cash advance rate?

How do credit card rewards programs work?

Can I transfer my credit card balance to save on interest?

How does increasing my credit limit affect my credit score?

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