|
|
| www.1001TopWords.com |
|
|
Your Credit Card May Be Costing More Than You Think!
Do you know what your credit card is truly costing you? Manypeople assume that they do, but aren't familiar with thehidden fees that many credit card companies are charging. Infact, if you don't keep close tabs on your credit card, youmay end up paying hundreds of extra dollars per year-withoutever really knowing it! And if you're trying to budget your money, those hidden feescan add up! Let's take a look at some of the most common credit cardfees, and then talk about how you can avoid them. Grace Periods In the past, we could always count on grace periods before weever had to start paying interest. For example, if wecharged our card to the limit, and could get it paid offbefore the grace period expired, then it would be like a freeloan-we wouldn't have to pay any interest. Unfortunately, the credit card companies are making thisharder and harder to do. For starters, many of them havereduced the traditional 30 day grace period to 20-25 days. If you hold a credit card, but didn't realize this, thenyou're likely paying interest without even knowing it! What's worse is that more and more credit card companies areeliminating grace periods altogether. That means if youcharged lunch today at noon, at 12:01 pm, you would bealready paying interest on it. How about your credit card? You need to take a close look atthe fine print and find out what kind of grace period youhave. If your credit card company has reduced itsignificantly, or eliminated it altogether, you shouldseriously consider canceling it and getting a moreuser-friendly card. Late Fees When is the last time you checked to see what amount yourcredit card company charges you for a late fee? The truth isthat these fees have doubled in just the past ten years, andthat, combined with the reduced grace period, means that thecredit card companies are raking in a lot of dough on latefees! If it's possible, you should try and send off the check (orelectronic transfer) the day that you receive your creditcard bill. There are three reasons why it's important neverto be late. The first is obvious; you will want to doeverything in your power to avoid a hefty late fee. Next, ifyou are late, it will likely be reported to the credit agencyand you will have a bad mark on your credit report. Thethird is the direst, and we'll discuss it below. Interest Rate Hikes Did you know that if you are late--even one time-on yourcredit card payment, the company will in all likelihood raiseyour interest rates? That's right; one late payment givesthem the right to do it. What's more, that isn't justlimited to your credit card payment. Any late payments fromany lender that show up on your credit report gives them thejustification to raise your rates, so be careful! Copyright (c)2005 by Michael Ambrosio. You may publish this article on your site or in your newsletter provided thisresource box remains in tact. Michael Ambrosio is the authorof many credit related articles. Visit his website today:http://www.yourcreditandyou.com and rebuild your credit.
|
|
|
|
RELATED ARTICLES
Do you Know the Benefits of Checking your Credit Report? Do you know why you should check your credit report? Top 5 Reasons To Check Your Credit Report Regularly #1 Make sure mistakes aren't hurting your credit. How to Avoid Credit Card Late Fees Everyone hates late fees and being late will cost you dearly these days. For some credit cards today, if you are late, you will have to shell out as much as $40 each time. This can put a nice sized hole in your pocket really quick. Credit Traps Snag Consumers Nearly 20 years ago I worked for a small consumer advocacy organization in Washington, DC. Each week we received sacks full of mail from consumers across the country requesting our list of credit cards with low interest rates and no annual fees. If you wanted a low interest rate on a credit card back then, you often had to apply to a bank in Arkansas where interest rates were capped by state law. Warning: Todays Non Profit Credit Counselors Are Yesterdays Bill Collectors! Here's a dirty secret, today's "non profit credit counselors" are often just front organizations paid lucrative commissions by creditors to keep consumers from declaring bankruptcy! Tired Of Being Broke?...Learn How To Force Banks To Give You Money! Imagine...obtaining credit that's incredibly easy...opening doors of opportunity you never even considered being possible. Credit which will allow you to take the dream vacation of a lifetime, drive luxury cars, dress in the latest fashions, achieve the American dream of owning your own home, or even start your very own business. With these time-tested proven step by step strategies, all of this can now be possible! ChexSystems: Alternative Options for People Whove Been Checking Accounts Individual banks elect to become members of ChexSystems, and to use their services. Is it Safe to Use Online Car Finance? Online car finance is convenient. You can apply over the net and shop around for a good deal from the comfort of your home. Finding What is on Your Credit Report A credit report is basically a file about you kept by lenders and banks. As annoying as it may be, it's still perfectly legal for them to gather all sorts of details about you. In turn, you have the right to check this file - and you should do so and inquire regularly about your credit report and your credit score, particularly when you plan a big financial change, for instance, before applying for a loan or a mortgage, you should always take time and review your credit report. This allows you not only to plan your moves accurately, but also to dispute any mistakes that might occur in the report. What is Credit Counselling? Ever wondered what is Credit Counselling? There are occasions when you might encounter a financial situation that is beyond your scope which is when a session with a credit counsellor could be beneficial. What To Look For In A Credit Card When you are deciding what type of credit card to get it is important to compare credit cards to each other and find the best deal for you. There are a variety of different credit cards available, from low interest cards, cash back cards and even reward credit cards, it's hard to decide what exactly the best credit cards are. Identity Theft ? Additional Protection for Soldiers on Active Duty Congress passed the Fair Credit Reporting Act several years ago in an attempt to smooth out some problems in the credit reporting industry. The best known provision of this Act is one that permits Americans to receive a free copy of their credit reports from each of the three main credit bureaus once per year. So far, this provision of the Act has been a success. A lesser-known provision of the legislation is one that is intended to protect active duty military personnel from being victimized by identity theft while they are out of the country. Identity Theft ? Guard Your Childrens Social Security Numbers Identity theft is a growing concern among Americans, and rates among the top five complaints received by states' Attorney General's offices. A stolen identity can lead to tens of thousands of dollars worth of debt in the victim's name and it can take years to completely undo the damage done to the victim's credit report. Identity thieves can successfully commit crime with as little as a driver's license number or credit card number, but the ideal target of such criminals is the Social Security number. With that number in hand, the identity thief can pass themselves off as the victim and open credit card accounts, bank accounts, and even obtain home equity loans. As more Americans become aware of the problems posed by identity theft, consumers are doing more to protect themselves. This has inspired thieves to look to a new source of identities to steal, and they have found one. They are now stealing the identities of children. How Your Credit Rating Affects You, and How to Check It You might not know it, but every time you take out any kind of loan or credit or pay something back, it gets counted on your credit rating. Who keeps a record on you will vary according to where you live, but the big three credit reference agencies are Experian, Equifax and Trans Union. They will provide your credit rating to any company that is thinking of lending you money. Choosing a Credit Counseling Company If you have considered credit counseling as an option to your financial problems, then you are probably wondering how to choose from one of the many credit counseling companies that are popping up left and right these days. There really is not an easy answer to this dilemma but there are some things that you can look for in a credit counseling company that might make the decision a little easier. How to Dispute Credit Report Errors Your credit report--a type of consumer report--contains information about where you work and live and how you pay your bills. It also may show whether you've been sued or arrested or have filed for bankruptcy. Companies called consumer reporting agencies (CRAs) or credit bureaus compile and sell your credit report to businesses. Because businesses use this information to evaluate your applications for credit, insurance, employment, and other purposes allowed by the Fair Credit Reporting Act (FCRA), it's important that the information in your report is complete and accurate. Can You Acquire Good Credit Overnight? You Bet Your credit file may not reflect all your credit accounts. Although most national department store and all-purpose bank credit card accounts will be included in your file, not all creditors supply information to credit bureaus : Some travel, entertainment, gasoline card companies, local retailers, and credit unions are among those creditors that don't. Reward Credit Cards: Get the Best Rewards Card Incentive Program A good credit reward card can contribute to your retirement account, offer gas rebates, score theme-park or vacation tickets or take thousands off theprice of your next auto purchase. Rewards at hotels, airlines, and retailers bring more to the possibilities but, adds to the confusion. Here are some tips to find the best reward programs for you to increase your buying power. Credit Report Secrets: Do You Know What They Reveal? If you've ever applied for a credit card or loan, you've probably hadyour credit report reviewed by the lender. Your credit report has a huge impact on your financial future, so it's well worth your time to be sure that you understand what your credit report says about you. Even if you're not interested in obtaining credit, your credit report can impact other areas of your life. Potential employers view your credit report to assess your trustworthiness as an employee. Landlords frequently check the credit reports of their tenants before allowing them to sign or renew their lease. I?ve Heard About FACTA; What Does It mean? What FACTA means is that if you, as an individual, lose the information on anyone you have ever hired; or, for any business in the United States of America that collects any personal information on people, if the information should be lost due to not destroying the information properly, then two things can happen. First, there are federal fines of up to $2,500.00, and state fines up to $1,000, per employee, per incident. Second, the business is liable for any damages the individual suffers as the result of a breach of information.
|
| © Athifea Distribution LLC - 2013 |