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Don’t skim over your credit-card agreement; READ it
Credit card companies can be very smart cookies. They don’t actually dupe you but bury you in so much information that you fail to see the bit that could matter to you. In short, they ensure that you have information overload so you miss the important point. Don’t believe me? Well here’s the case of a guy who got a letter from his card company. While the cover letter spoke about new special services like ‘same day payments’, etcetera, another document showed how the the terms of his credit agreement had changed. Fees for late payments, going over the credit limit, had been raised. And this was just the beginning!
And the worst part is that we cannot do much when these companies arbitrarily change the terms of their agreement with you. When you accept your credit card, you are asked to sign an agreement that allows the issuer to change the terms of the contract anyway they please, as long as you are properly notified. And how do they notify you? They ensure that these updated card agreements are typically full of fine print and go unread.
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