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Read and Understand Your Credit Card Statement
Have you ever looked at your credit card statement and ended
up just scratching your head in frustration? Well join the club!
But don't take any comfort in the fact that you have plenty of
company, because lack of knowledge can cost you?.right on your
credit report, and once there can stay with you a while.
Adding to the challenge is that almost every creditor's
statement is slightly different, varying in format and billing
cycle and interest calculations. You first want to check what you
purchased and what you borrowed, so make sure you save all your
receipts to make sure you weren't charged for something you
didn't buy or were double billed. Immediately dispute any
discrepancies via phone and in writing.
Next you'll want to verify the interest rates being applied
for each type of purchase. Remember, cash advances almost always
carry a higher interest than normal purchases and interest
usually accrues from the date you received the money. Also, if
you have any balance transfers with introductory interest rates,
verify that it is correctly noted and hasn't been increased
prematurely.
Review how your interest is calculated (this information is
usually on the back of your statement) and make sure that the
right rate has been used for each category. On purchases, most
cards take your average daily balance over the billing cycle and
divide it by one-twelfth of your annual percentage rate
(APR).
Lastly, but maybe most importantly, make sure you send your
payment in well before the due date. In order to have your
payment credited on time to avoid a late fee, it must be posted
by the due date shown on the statement. Therefore, if paying by
mail, it is advisable to mail your payment at least a week in
advance. For those whose cash flow doesn't allow an early
remittance, paying by phone or on-line might be a good
alternative.
The Credit
Counseling Foundation, Inc provides web-based
education and personalized consumer credit counseling to
clients and the general public in an effort to help consumers use
credit wisely. Visit target="_new" us at www.godebtfree.com
MORE RESOURCES:
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