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The Credit Card Surprise That You Need to Look Out For
Companies that issue credit cards want to make a profit. No
one disagrees with that. The problem is that, we as consumers
have, is when they have hide or disguise what it really cost for
you to use a card.
Here are some ways that you could be paying more, not even
knowing it for your credit cards.
Those Teaser Rates
As these rates are low at the beginning but rise after six
months or a year. This is a popular way for credit card issuers
to attract new cardholders. I don't know if you're aware of this
but when the low rate expires, any balance that you may have left
on the card automatically jumps to the new rate and just not on
new purchases. This is something you should discuss or read
before you even get a new credit card with low teaser rates
Those Costly Cash Advances
There is usually both a finance charge or interest and a
transaction fee for cash advance cash even though the as may say
"no finance charges". There is no grace period for that cash
advance. You will pay all the interest from the day you take that
advance. The transaction fee may be as high as 2-5%.
Extra Fringe Benefits
Cards that were offering benefits like percentage discounts,
rebates, purchase protection, etc., may have been cutting back on
those benefits and without any notice. Watch your mail when you
get those updated versions for your credit card. If you don't
read it, then you didn't know it changed and unfortunately it's
your fault.
The Grace Period.
These high limit cards may sound great but may not have a
grace period. If you ever noticed on your credit card bill, you
may receive the bill five days before the due date. How are you
supposed to then pay your bill on time?
If you don't want to take any chances in having to pay a
finance charge, then pay your bill in full each month. If you
receive your bill late, call the credit card company and tell
them that.
Two cycle billing.
Two cycle billing means the credit card issuer charges
interest the first month that you don't pay your of balance in
full. Always read through your terms and conditions on your
credit card bill and if you have any questions just call the
credit card company and ask questions!
Copyright 2005 Fern Kuhn, RN
Specializing in Diabetes
http://www.diabetestestingcenter.com
http://www.mortgageratecenter.info
You may reprint this article as long as you keep the links
active
MORE RESOURCES:
Clock ticks down on credit bureau class-action dealIndianapolis Star, United States - 40 minutes agoIn a class-action settlement, credit bureau TransUnion has agreed to provide free credit- monitoring services to millions of consumers to settle claims it ... |
MORE COLLEGE CREDITChicago Sun-Times, United States - 10 hours agoDespite the current nationwide credit crunch, the State of Illinois secured $100 million for the student loans by tapping a new source -- credit unions. ... |
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