“Terms and Conditions” is a common phrase heard when opening a credit card account or really any account or membership, but is a very important part of opening any type of financial account.
Terms and conditions outline any contractual deals that a consumer is entering with the respective bank or financial institution, and states the rights of both parties, including any fees owed from one party to the other, and time lines of service.
Though often boring and referred to as the “small print,” it is important that consumers read and fully understand the terms and conditions of a transaction before opening an account, so as to avoid conflicts in the future that may cause damage to his or her finances or credit.
Click for the full glossary of credit card terms.
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