Reduce Debt Avoid Credit Card Company Games
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Fancy footwork games credit card companies are playing on you to rip you off.
“Fixed Rates” Are Not Really Fixed.
They say fixed rate but that really means they only need to inform you 15 days in advanced of the new rate. That rate can be whatever they want. Make sure you read the notices you get with your statments. These companies are out to make as much money as possible any way they can get away with.
They Look For Any Excuse To Raise Your Rate.
They will review your credit rating every month and if you score goes down your rate will probably go up. They will say you are now a greater risk. This is another reason it is valuable to watch your credit rating.
Offering You Tiny Minimum Payments
Unless you want to make credit card companies rich at your expense make payments early and often. If you don’t lower how much you owe you can pay 2 to 3 times the original cost on what you charged. You could be under their thumb for year
Grace Periods Are Shorter.
The grace period — the time before you get charged interest - is getting shorter. It used to be 30 days, now it is less than 21 days on most cards. Some cards have no grace period. Geting a card with a longer grace period can save you money.
Slapping You With Extra Fees When You Travel.
Expect to have the per transaction fee got up by 1-3% anytime you charge in a foriegn country. This can also mean extra fees when you buy online with a foreign company.
The Good Old Bait and Switch.
So nice to be pre approved? Well that does not mean you will get that rate when you apply. If they do this to you you are better off canceling the card.
Getting a better Deal
First you can try to negotiate with your existing card company. I have done this a few time and got better rates so it can be done. You may need to tell them you are going to get a different card and/or close the account. No matter how nice the person on the phone sounds, they are not your friend and are there only to serve their own interests. However you talk make offers according to what is in their interest, like keeping your business.
Credit Card Search Form - Search All Cards for the type of service you need. Get a card that rewards you with gass or travel, cards for businesses, if you have bad credit, or get a lower rate and save money.
Related posts:
- Be Carefull When Choosing A Credit Repair Company
- Credit Card Debt Management Companies - Be Very Careful!
- Which of the 3 Types of Credit Card is Best for You?
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