Do you read the contracts that come with your credit cards? You should. Not only do they explain about what day and by what time are payments due (often by 1 p.m. on the due date, not by the end of the day) and what penalties a late payment may impose, but they also cover your rights as a consumer should you want to sue.

Take this case into consideration. Courts are currently considering whether or not credit card companies can limit cardholders’ rights to file a class action lawsuit or if they can be limited to arbitration only. This means that if you feel a credit card company is guilty of unfair business practices, you may only be able to arbitrate with them as an individual. No class action lawsuit to try and force them to change the practice, just small, individual decisions. Is this fair? Depends on your point of view.

In any case, no matter your beliefs, you need to read your credit card agreements carefully before applying for a credit card. It can save you a lot of money if you understand your rights and obligations.

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