Capital One (NYSE: COF) joins a group of government agencies and national advocacy organizations in support of the ninth annual National Consumer Protection Week (NCPW), February 4-10, 2007. This year's efforts focus on encouraging consumers to "Read Up, Reach Out, and Be Informed." An important part of being an informed financial consumer is making sure you understand your credit card terms. In support of Consumer Protection Week, Capital One offers practical guidance and tips consumers can use to educate themselves.
"This year's theme, 'Be An Informed Consumer,' speaks directly to financial information and education," said Diana Don, director of financial education for Capital One. "Comparing and understanding credit card terms and disclosures is an important part of being informed and helps consumers make smart financial decisions. We're proud to join the FTC and other organizations involved in this effort to encourage consumers to 'Read Up, Reach Out, and Be Informed.'"
Capital One offers tools to help consumers better evaluate its credit card marketing solicitations. The Fact Pact, included in all Capital One mail offers, is designed to clearly outline the most important terms in the offer - such as information about annual percentage rates (APRs), credit terms, and membership and other associated fees.
In addition, Capital One offers these simple steps consumers can take to help them understand and evaluate credit card offers in general:
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Comparison shop: comparison shop for the best credit card deals. Put your credit card offers side-by-side so you can look at the Schumer Box on each and do an apples-to-apples comparison. Some companies like Capital One break out the most important information into an easy to understand chart - so that card holders know exactly how their actions can affect their APRs.
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Don't accept a credit card offer based solely on the interest rate offered: It could have other terms or drawbacks that make it less attractive.
-- Review existing credit card account(s) to determine your:-
Credit limits
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Annual percentage rates (APR)
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Grace periods
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Basic fees or finance charges
Go online for answers: Make sure you understand the terms of your credit card accounts or offers. If you don't, check out www.capitalone.com/financialeducation for explanations of basic terms and tips for good credit management.
"Our goal is to provide consumers with clear information about the products and services we offer," adds Don. "We want to help consumers become better informed, and give them the tools they need to evaluate and compare the various credit card marketing offers they receive."
For more information and protection tips, consumers can visit www.capitalone.com/financialeducation.
