Credit Card Lowdown: The CBFC route to getting a good credit card

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The CBFC route to getting a good credit card

Credit cards are an absolute necessity and most of us cannot do without them. I mean, I cannot remember a day when I left home without my cards. I’m sure you too feel lost without them. And yet, we seem to be so blind to simple credit card facts that will help us make our lives easier. Here is the CFBC rule to credit card land.

The first rule when you are ready to get yourself a credit card is to ‘Choose well”. Find those cards that offer the lowest interest rates and best services possible. Here’s a piece of advice: If you want lower fees and more importantly, lower penalty rates than banks, then go in for cards from credit unions. For those who are too lazy to do their research, try the Bankrate website to find cards with the lowest interest rates.

Many a time, you are taken in by the show and fail to see what lies beneath. In other words, you don’t notice the ‘Fine print’. Always watch the fine print for notification about changes in interest rates and fees. What often happens is that since these notifications come mixed in with other promotional material you could easily oversee it.

The next step in getting a good deal on your credit card is to stand your ground. Don’t let your credit card issuer get away after hitting you with a late fee or a rate hike. Negotiate for ‘Better terms’. You can even ask for a waiver. Many a time, issuers back off out of fear of losing your business.

And lastly, in case you feel you are being cheated in anyway, don’t hesitate to enquire or file a ‘Complaint’ against your credit card issuer. You can direct your inquiries to the U.S. Office of the Comptroller of the Currency at (800) 613-6743.

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May 1, 2006 in Tips & Advice | Permalink