Consumer Action and American Express partner new free, multilingual education initiative
Dec. 12, 2005 – Here’s one thing you can check off your holiday list-getting to know the terms on your credit card.

Credit cards get a lot of use during the holiday season-but how well do you know your card? Consumer Action and American Express have partnered to create a free, multilingual consumer education series called Credit Cards: What You Need to Know.

“We created our campaign to educate consumers about credit card terms and conditions so that they will learn how to compare credit card offers, read and understand credit card terms and conditions, maintain their credit card accounts in good standing and avoid penalties and fees,” said Ken McEldowney, executive director of Consumer Action.

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The holiday season is a busy time-credit card due dates and credit limits are not at the top of our minds. But the way you handle your credit card is important. Not managing your credit wisely can lead to:

• Increased annual percentage rates (APRs)
• Unnecessary fees * A decline in your credit score
• Denials of future credit

“Credit Cards: What You Need to Know” is designed to help consumers:

• Understand the types of cards available
• Sort through card offers
• Compare card terms and conditions
• Avoid penalty rates and fees
• Find more information and assistance

The “Credit Cards: What You Need to Know” series is available on Consumer Action’s web site (www.consumer-action.org). It includes a brochure available in Chinese, English, Korean, Spanish and Vietnamese; a question-and-answer backgrounder guide; a training guide for presenting the materials in a classroom setting and a 65-slide PowerPoint set.