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Your Credit Card
May Be Costing More Than You Think
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Do you know what your credit card is truly costing you? Many people
assume that they do, but aren’t familiar with the hidden fees that many
credit card companies are charging. In fact, if you don’t keep close
tabs on your credit card, you may end up paying hundreds of extra dollars
per year—without ever really knowing it!
And if you’re trying to budget your money, those hidden fees can add
up!
Let’s take a look at some of the most common credit card fees, and then
talk about how you can avoid them.
Grace Periods
In the past, we could always count on grace periods before we ever had
to start paying interest. For example, if we charged our card to the
limit, and could get it paid off before the grace period expired, then
it would be like a free loan—we wouldn’t have to pay any interest.
Unfortunately, the credit card companies are making this harder and
harder to do. For starters, many of them have reduced the traditional
30 day grace period to 20-25 days. If you hold a credit card, but didn’t
realize this, then you’re likely paying interest without even knowing
it! What’s worse is that more and more credit card companies are eliminating
grace periods altogether. That means if you charged lunch today at noon,
at 12:01 pm, you would be already paying interest on it.
How about your credit card? You need to take a close look at the fine
print and find out what kind of grace period you have. If your credit
card company has reduced it significantly, or eliminated it altogether,
you should seriously consider canceling it and getting a more user-friendly
card.
Late Fees
When is the last time you checked to see what amount your credit card
company charges you for a late fee? The truth is that these fees have
doubled in just the past ten years, and that, combined with the reduced
grace period, means that the credit card companies are raking in a lot
of dough on late fees!
If it’s possible, you should try and send off the check (or electronic
transfer) the day that you receive your credit card bill. There are
three reasons why it’s important never to be late. The first is obvious;
you will want to do everything in your power to avoid a hefty late fee.
Next, if you are late, it will likely be reported to the credit agency
and you will have a bad mark on your credit report. The third is the
direst, and we’ll discuss it below.
Interest Rate Hikes
Did you know that if you are late--even one time—on your credit card
payment, the company will in all likelihood raise your interest rates?
That’s right; one late payment gives them the right to do it. What’s
more, that isn’t just limited to your credit card payment. Any late
payments from any lender that show up on your credit report gives them
the justification to raise your rates, so be careful!
About The Author:
Peter Dobler is a veteran in the IT business. His passion for experimenting
with new internet marketing strategies leads him to explore new niche
markets.
Read more about his experience with credit and mortgages; visit
Credit
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