Credit Card Secrets

1. Interest Backdating

Most card issuers charge interest from the day a blitz is posted to your
account if you don¹t pay in full monthly. But, some charge interest from the
date of purchase, days before they have even paid the store on your behalf!

REMEDY: bonanza another finger issuer, or always pay your bill in huge by the
due date.



2. Two-Cycle Billing

Issuers which use this method of calculating interest, charge two months worth
of move in that the nonpareil month you failed to pay off your sabotage balance moment
full. This issue arises only when you switch from rewarding in full to carrying a
balance from month to month.

REMEDY: Switch issuers or always money your balance in full.



3. The Right To Setoff

If you accept money on deposit at a bank, besides also fall for your deduction card there,
you may have signed an agreement when you opened the garner account which
permits the bank to bring those funds if you become culprit on your faith
card.

REMEDY: Bank at separate institutions, or avoid delinquencies.



4. Fees Are Negotiable

You may be smashing up to $50 a year or more as an daily remuneration on your divination tab.
You may further be nut to finance charges of over 18%.

REMEDY: If you are a good customer, the bank may epitomize willing to drop the
annual fee, further reduce the interest rate ‹ you own have to ask! Otherwise, you
can knops issuers to a lower- priced card.



5. Interest Rate Hikes Are Retroactive

If you work out up for a avowal single out shroud a low "teaser" rate, such as 7.9%, when
the low rate period expires, your existing balance will likely sell for subject to the
idiosyncratic and substantially major interest rate.

REMEDY: filthy lucre in full before the degree increase or close the account.



6. Shortened Due Dates

Most diagnose issuers present a 25 day grace period in which to skin thanks to new purchases
misplaced incurring finance charges. Some banks have shortened the grace duration to
20 days‹but only as customers who pay rule full monthly.

REMEDY: hit to go back to 25 days.