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Found the Right Credit Card Offer? You Are Protected by Law!
12:00:00 AM Friday, March 28, 2008
When you have finally found the credit card offer that suits you best, you sign the credit card application. That means you accept all term and conditions of the plastic you have chosen. You may think that now credit card company has the upper hand in all situations related to using your card, but that's not always so.
You have your rights too! Remember that you are protected by Fair Credit Billing Act, this act was created especially for the credit card users, so that they could solve some major credit problems.
Let's start with billing disputes, they happen all the time. For example, you have paid for the item that you have never received or the item that you have received was defective, what should you do? According to the Fair Credit Billing Act, you have to take the following steps in order to dispute such charges:
- Contact in writing your credit card issuer, like Visa or MasterCard within 60 days starting from the date you received the bill for the disputed item. Make sure that you mention all your personal details (such as your name and account number) and don't forget to mention all details about disputed item and what actions should be taken.
- Before you send the letter, make a copy of it, as well as copies of all supporting documentation for your own record. You really want to make sure that your letter will be received, so it will be wise to use a mailing method that gives you the proof of delivery. The issuer must contact you within 30 days after the date they received your dispute and let you know all about the actions that will be taken. During the time of the investigation, you are not obliged to pay for this item. If you win the dispute, you will be free not to pay, if not, then you will be required to pay as it is outlined in your cardholder agreement.
Unauthorized charges is another major problem even of best credit cards. Your responsibility for unauthorized charges is limited to $50. But, unfortunately, they can be as high as thousands of dollars, so $50 is not a big price to pay if you are a victim of credit card fraud or identity theft.
What if you cannot pay off your credit card debt? In the past credit card users used to receive phone calls from the debt collectors, who used to threaten them in order to collect the debt. Fortunately, it is not this way now. According to the Fair Debt Collection Practices Act, the debtors cannot be treated this way anymore. It doesn't mean that you are free not to repay your debt; that means that you simply must be treated fairly!
For further information you can contact your credit card company and ask them any questions concerning you legal rights.
When you have chosen the right credit card offer, remember that your rights are protected by law, don't hesitate to take actions when you feel that you are right!
It is always good to know that my rights are protected! If you know the law, you can be 100% sure that you will not be fooled!
NEWS about Credit Cards | >> View all News
Banks and card companies cut their lending risk factor by either lowering credit limits, increasing APRs on some credit cards or by not approving applications at all. The slumping economy and credit crisis force lenders to curtail 0% APR offers, benefits and even rewards programs. Some card offers have already imposed restrictions on when and how rewards can be redeemed.
The good news is that there are still plenty of deals offering lucrative cash back, gas and miles rewards and you only need to apply for the right card now. The difficulty here is the rewards vary from card to card and to make the best deal, you need to compare offers and choose one based on your spending priorities and financial standing. The key is to make the rewards work for you.
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Most of regular unsecured credit card offers for valuable customers carry in-built benefits which are free from additional charge. The benefits include $0 fraud liability, extended warranty protection, 24-hour roadside assistance, auto rental insurance, free online account access and management services and others. Their cost is already distributed among the annual fees, if any; interest rates and other charges specified in the fine print and you do not mark it out making credit card payments.
But on receiving a statement, you might be confused to spot there a charge you did not authorize in fact. The charge, labelled as payment protector premium, is designed to cover you in the event you cannot pay bills for some reason.
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While a whole range of charges associated with credit card use is not a surprise any more, the way they are sometimes applied may confuse a not too knowledgeable consumer. What hurts most is the consequence which might come up to a damaged budget at best and ruined credit at worst. The fine print is a great source of information on all the charges and terms they are applied under, but one needs to be financially educated to understand a point there.
If you're looking for a proper card offer right now, or you're already holding a plastic, the following information will be of prime importance for you, especially as the recent changes in the market require new and more rational behavior.
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