In Part One of this short series on credit card FAQs, we looked at the application process and your Canadian credit file. In Part Two, we look at your legal obligations once you start using your new American Express, MasterCard or Visa .

5)    When is my credit card payment due?

This may seem too obvious a question, but it is fundamental you know the answer if you want to maintain a great relationship with your credit card company. Pay too early and you are giving away your money before you have to; pay too late and you are giving yourself a black mark on your Canadian credit score. Since payment due dates vary on every Amex Canada, MasterCard or Visa card you use, you need to double check the due that that appears on your statement. Some credit card statements are better than others in making it clear, but the due date is always listed there somewhere. If you have any doubts, call the toll-free number listed on the back of your credit card.

Here's one tip I can pass along to ensure you never miss a credit card payment. Use your online banking to schedule your bill payments. For example, the moment I know the credit card balance and due date, I simply put my payment into the pending transactions area of my online accounts leaving a couple of days grace before the due date to make sure the money arrives electronically on time. This not only saves me a trip to the various banks to make the respective payments, but gives me peace of mind that my credit card payment will arrive on time, every time.

6)    What is the minimum payment on my credit card?

Again, perhaps too obvious a question, but for Canadians unfamiliar with credit cards and banking in Canada, it's important that you know what amount is expected by the credit card companies each month. Every American Express, Master Card and Visa calculates the amount in the "Minimum Payment" box on your credit card statement differently based on factors such as your Canadian credit rating. It is normally $10 plus interest and any other fees as shown on "Calculating Your Balance" section of the statement. Unless the balance is $0 because you haven't used the credit card, you must pay at least the minimum payment due each month to maintain a a good credit score in Canada. Generally if your New Balance is less than $10 or less than the calculated Minimum Payment, you must pay the New Balance. If you have any concerns, always call your credit card company's toll-free number listed on the statement or credit card to make sure you are following their requirements perfectly.

Of course paying off your credit cards in full and on time avoids this problem entirely. Plus you evade the onerous interest rates charges by most credit card companies for any outstanding balances. So when ever possible it's best to pay off as much as you can rather than just the minimum payment.

7)    How do I make a payment on my credit card?

Since most credit cards are issued through Canadian banks and credit unions, you can generally pay over the telephone, by mail, in person at one of the branches, or at an ATM. In cases where the credit card company is not conveniently-located, you can make payments any time via online banking over the Internet, or automated banking. They want their money so this is one time the lending institutions make it as easy a possible to make your payment on time. As I've stated previously, if you have any questions about making a credit payment, simply call the toll-free numbers listed on your statements and credit cards.

Another tip I can offer on credit card payments is consolidate your use to just one card if possible, a couple of credit cards at most. Many times Canadian consumers innocently get themselves in hot water with their creditors by using too many different credit cards. I am innudated by junk mail and telemarketers trying to add yet another credit card to my portfolio. If you have too many cards and too much credit available to you, it can actually hurt your credit rating and lower your credit score. It can also lead to confusion about due dates, mininum payments and tracking who's already been paid and who's balance is still outstanding. Juggling your busy life and finances is already a burden, simplify your life by using fewer credit cards. It will make the monthly bill payments a lot easier.

In my third and final installment on "Frequently Asked Questions" about Canadian credit cards, I will cover a few more FAQs that consumers ask American Express, MasterCard and Visa every month.