Credit Card Lowdown: What Credit Card Companies Should Tell You?

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What Credit Card Companies Should Tell You?

Credit card Companies try to convert you into a member by pre approved credit card offers. But be careful, there are lots of things which they should inform you but they don’t. Things like, if you are a good customer, the bank might be willing to reduce your interest rate along with dropping the annual fees. After seeing your past track, they are ready to make such changes for you. Do check when the introductory low interest rate expires and try to pay in full before the changes in the interest rate. Go in detail when you have been offered a very high credit limit. Check your grace period as in such cases the interest is charged from the day of purchase of an item. Also check the transaction fees applicable for cash advances. Keep in mind the more time you take to clear your balance, the more money you will be charged as interest rate. Ask for money saving tips from customer support staff as all this is not advertised. Be careful of extra fees paid for surpassing your credit limit. Also read the brochure in detail and compare various offers before opting for any card. Askmen.com reports:

If you don't pay your bill by the specified due date, the bank will backdate your interest charges. This means it'll charge you interest from the day a charge is posted to your account, not from the day payment was due. Some banks even charge interest from the date of purchase. If you can, pay the amount balance in full. If not, make an effort to maximize your payment by the due date.

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August 30, 2005 in Reviews, Tips & Advice | Permalink