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Avoiding Credit Card Secret Traps
Every credit card user should be aware of secret traps that credit card companies employ to suck money out of you. With fancy fees and interest rates they can land you into deep financial trouble.
One of these traps is the two cycle billing where you are billed twice, once for the current billing cycle on purchases as well as on the balance from the last billing period.
While most cards offer a grace period of a certain number of days before interest charges are levied, there are cards who don’t offer any. This means from the day you make a purchase, you will have to pay interest.
Cash advances almost always have no grace period, requiring you to pay interest as soon as you avail of the service. The interest rates too are substantially more than on regular purchases.
Your interest rate can be changed according to the whim and fancy of the credit card company as long as it follows 15 days after giving you a notification. Credit card info.com reports:
Credit card secret traps are the hidden side of plastic that keeps you in debt that is difficult to pay off. The main objective of credit card companies is for you to carry the largest balance you can possibly repay.
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