An illustrated fact sheet that explains how finance charges for credit cards are calculated, and shows how to reduce the cost of using credit cards. Includes a glossary of financial terms relating to credit cards

More and more teens and college students have credit cards. Card companies target both groups because they are a fast-growing group with money to spend. While student cards are easy to get, the card companies commonly charge hefty fees and interest rates to teenage card-holders.

Credit cards, if used properly, can be useful and convenient, and can even help build a strong credit history that will help you with future activities like home-buying, paying for higher education, and even finding a job.

Reading your monthly statement is absolutely necessary. Errors in totals charged to your card, charges added twice and other mistakes can add up quickly.

If your credit card is lost or stolen, you can't lose more than $50. If someone uses your ATM or debit card without your permission, you can lose much more.

That the advice if your cards are lost or stolen.

Worksheet for Comparing Credit Card Offers

If you've had credit problems, you might have to settle for a card with a slightly higher rate. If you have poor or no credit, you may need a secured credit card. Once you have an idea of what you are looking for choose the card right for you by following these four steps.

If you get a lot of credit card solicitations in the mail or by telephone, it does not necessarily mean that you are a good credit risk. Credit card companies want people who will run up big balances. Having multiple credit cards can cause serious problems.

How and how often your credit card calculates your interest makes a big difference. Know what you are getting before you sign up.