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Five Things to Know about Credit Card Offers
Did you know that according to law credit card issuers have to provide you with free schedules? It is always very important to know all about credit cards you apply for in order to be financially secured! Unfortunately, very often you find the financial charges and fees in the fine print that you receive when you first open your account. There you can find some unpleasant information that can really hurt your financial future! Let's have a close look at 5 things you may not know about credit card offers:
- Not all best credit cards have a grace period. Usually when you get a credit card you have from 20 to 30 days, when you can pay your entire balance without finance fees and interest. This free of interest and fees time is called grace period. The modern tendency is that credit card companies shorter the grace period, but some of them have none at all!
- You have to pay balance transfer fees even for 0% balance transfers! Today 0% interest rate on balance transfers is extremely popular among credit card users, but what you may not know is that it is not completely free! You will still have to pay from 3% to 5% as a balance transfer fee. So if you transfer $2000 to your 0% balance transfer card, you will pay from $60 to $100 in fees! It may be less that you'd pay in interest rate, but you have to remember that balance transfers are not free.
- Your credit card company can raise your interest rate and fees any time they want as long as you are provided with 15 days notice. You have probably received an updates to your card's terms and conditions in mail. Many people don't even read them! But you really have to keep an eye, because even fixed rate plastics can change the interest if your credit card company sends you this notice.
- Do you like to make minimum credit payments? That means you are going to spend even more! It will take you years and years to pay off your credit card debt if you make only minimum payments! You will really end up paying a fortune with all the fees and interest rates that will be added to your balance! Don't think that if you are required to pay only $15 as a minimum payment, it is not necessary to pay more!
- Universal Default, control your payments! Universal default means that Visa, MasterCard or Discover can raise your interest rate just because you are late with any of your payments! Now the rate on your card can sky rocket even if you are late with your car or house payment.
Of course credit cards give us buying power, they are convenient and safe, but you really have to know all hidden pitfalls in order not to end up in debt!
Elizabeth R. Cunningham
08:28 AM, May 05, 2008
I think that it is silly to expect something for free these times! I learned the hard way that you always have to pay a price. Unfortunately, nothing is easy in our world!
Carol N. Long
08:29 AM, May 05, 2008
I absolutely agree, when it comes to credit cards, you never win! The consumers pay money, the credit card companies get the profit! It is very simple.
ARTICLES about Credit Cards | >> View all Articles
American Express Travel
October 24, 2008
American Express continues to please its loyal customers with exclusive card offers for frequent travel rewards. Its latest product, co-branded with Delta Airlines, comes with a catchy "Delta Reserve Credit Card" name and aims at wealthy and creditworthy customers looking for incomparable travel experience. It cannot be referred to as a cheapest deal among the rewards type, but the price for the outstanding benefits and additional programs is more than acceptable.
The $450 annual fee and a competitive APR on purchases and balance transfers are charged for the exclusive access to the 24-hour Concierge Service, SkyMiles account rewards program and extended credit line. If you think you can find something better online, take a minute to read further and ascertain that American Express has not been overtopped.
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Pre Approved Credit
October 07, 2008
If you hold a valid FICO score with at least one national credit reporting agency, you are very likely to receive a pre approved bank card offer in the mail. But among the 3% of recipients completing and returning the application, only some 1.5% if not less actually get approved. Why is that and what are you required of to qualify for that enticing card offer sent by a major bank?
Most people think if they've been pre approved, there will be no hassle going through the formality of the application process. Now they don't have to spend hours searching and comparing products online to find the only right variant. Hardly anyone knows how the bank chooses a potential customer and what eligibility requirements it will use to finally approve or reject your application.
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Credit Cards at College
September 26, 2008
Though a standard unsecured student credit card is available to high schoolers nowadays, it is at college that young people make their first financial decision independently from parents. The first responsibility comes with the need to choose the right plastic from a great spectrum of equally attractive offers.
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