Credit cards

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It is relatively common to use credit cards to travel and make online purchases. Oftentimes, people think of credit cards as regular bankcards, but be aware that is still a loan. Therefore, you should think and do your research before applying for a credit card.

Prior to entering into a credit card contract
  • Think carefully whether you really need a credit card (for example, online purchases can be made with a virtual card or a debit-credit card),
  • Assess your actual ability to pay based on your current financial burdens and income and share this information with the bank,
  • Compare the terms and conditions of different credit cards by paying attention to the related costs of using the credit card and how you can repay used credit and what are the interest and default interest like,
  • Keep in mind you can compare the terms and conditions by using consumer credit information sheets and you can also find tables for comparing online (e.g. consumer web minuraha.ee comparison table),
  • Ask the bank for a copy of the draft contract to thoroughly examine it,
  • Do not hesitate to ask bank employees for addition information if the terms used in the contract are unclear or unknown to you.
Remember!
  • Sign the contract only when you have thoroughly examined it and you have no additional questions.
  • Be attentive also when entering into a contract when the credit card is offered by a retail chain or a store instead of a bank.
  • Keep in mind you have the right of withdrawal from the credit card contract within 14 days of signing it.