Credit Card | Credit Card Guide - Articles, News and Resources on Credit Card

Credit Card Navigation



Virgin Credit Card
Credit Card Deals
Chase Credit Card
Small Business Credit Card
Credit Card For Students
Consolidate Credit Card Debt
Credit Card Processing Business
Credit Cards For Business
Low Interest Credit Cards
Credit Card Account
Credit Card Processing Business
Best Credit Card Offers
Interest Credit Card
Partners
Credit Card Merchant Processing Services
Online Credit Card Processing
Small Business Credit Card Processing
Best Credit Card Offer
Prepaid Credit Card
Credit Card Debt Consolidation Loan
Credit Card Links

2005 Best Seller!

Do You Have Bad Credit? Don't give up!!
Buy it now

Best Credit Card products

Access Loan.
15,000 Cash Loan - Even With Credit Problems.

Everything You Know Is Wrong!
About Being Debt Free That Is! And it will keep you in debt the rest of your life!

Bad Credit Personal Loan Source.
Bad credit personal loans regardless of bad credit - up to $25,000. Affiliates Earn 60%

CreditHistory.org - Credit & Debt Files.
Cash In On The Vast Credit Market.

What Uncle Sam Doesn't Want You To Know!
Find your unclaimed money that the government is holding. $10 billion in unclaimed money is waiting for you.

Guaranteed Bad Credit Financing.
Receive a loan or credit card even with bankruptcy!

Newsletter


Email:
Name:

Main Credit Card resources

Credit Card

 

Welcome to Credit Card | Credit Card Guide

Credit Card Article

Avoiding Credit Card Secret Traps
Gary Gresham

Credit card secret traps are the hidden side of plastic that keeps you in debt that is difficult to pay off. The main objective of credit card companies is for you to carry the largest balance you can possibly repay.



Trying to avoid these credit card secret traps is tricky because credit card companies constantly raise your credit limit, and offer you perks to get you to charge even more.


Credit card companies can get very creative with fees and interest rates and that's where you can get into financial trouble. To avoid this from happening here are some common credit card secret traps to be aware of when you compare credit card company terms.


Two Cycle Billing


The two cycle balance method is where the interest on your average daily balance is computed using both your purchases from that billing cycle and charges from the month before.


Even if you paid off your entire balance from the month before, that figure is still used along with your current month purchases to calculate your average daily balance. This credit card secret trap can keep you in deep debt for decades.


Credit Card Grace Period


A credit card grace period is the number of days before the credit card company starts charging you interest on new purchases. Most cards have a grace period but beware of the cards that don't.


If you have a card with no grace period, you always pay interest on new purchases from the day you make the purchase, even if you pay your bill in full.


Cash Advances


You almost never get a grace period for cash advances, which means you begin paying interest on that advance right away. Also, the interest rates on cash advances are typically higher than the ordinary rate on card purchases. A cash advance is costly and one of the most common credit card secret traps.


Credit Card Late Fees


Credit card companies can impose hefty penalties on any balance that you pay late or balances that exceed your limit. But the penalties of credit card late fees don't end there.


If you violate even one of your credit cards terms, other credit card companies may also punish you with penalty rates even if you have never missed payments on them.


Interest Rate Changes


Credit card companies are allowed to change your interest rate anytime, provided they give you 15 days notice. So read what your credit card company mails you because some companies will sneak this by hoping you won't catch it.


The bottom line is read the small print in the credit card terms provided by the card issuer regarding the credit card company rules concerning the billing method, grace period as well as the interest rates and fees.


Also, think about how you will use the card, especially if you expect to carry a balance. Then, compare credit card company terms and try to choose the card that keeps you from falling into these credit card secret traps.



Copyright © 2005 Credit Repair Facts.com All Rights Reserved.

About the Author

This article is supplied by http://www.credit-repair-facts.com where you will find credit information, debt elimination programs and informative articles that give you the knowledge to correct your own credit and credit report. For more credit related articles like these go to: repair-facts.com/articles_1.html">http://www.credit-repair-facts.com/articles_1.html

Credit Card News

Credit Card

NEW YORK, Jan 5 (Reuters) - Credit card network MasterCard Inc ( MA.N ) said on Monday it has acquired software provider Orbiscom Ltd for $100 million to enhance its payments processing system. Part of the purchase price for Dublin-based Orbiscom ...

Read more

UPDATE 2-MasterCard acquires software provider Orbiscom - Reuters

According to a study published in the today’s issue of the journal Health Affairs, national health spending grew in 2007 at the lowest rate in nine years, mainly because prescription drug spending increased at the slowest pace since 1963. The study ...

Read more

National Health Spending Is Slowly Rising - Eflux Media

Actor John Travolta and wife Kelly Preston are back in Florida with the remains of their 16-year-old son. A Bahamian parliament member and family friend says the couple left the island chain Monday night after receiving an urn with Jett Travolta's ...

Read more

Jett Travolta - Chicago Tribune

WASHINGTON - Health care continued to take up a greater share of the economy in 2007, as spending on hospitals, doctors and other services increased 6.1 percent to $2.2 trillion. There was a silver lining in the numbers the government reported Monday ...

Read more

See today's average credit card rates across the country. - MSNBC

LEXINGTON, Ky. -- Six top officials at the Blue Grass Airport will no longer have credit cards issued by the board after it was revealed that three employees racked up $4,500 in charges at a Texas strip club. Board chairman Bernard Lovely told the ...

Read more

Ky. airport officials lose credit card privileges - Lexington Herald-Leader

How long will it take you to pay off your credit card? Photo: ABBIE TRAYLER-SMITH Paying off an extra £1 a month of a £2,000 credit card bill could mean you clear the whole debt six years earlier – but reducing your payment by £1 a month could ...

Read more

How long will it take you to pay off your credit card? - Daily Telegraph

Share THE Irish credit union movement is facing into the most critical period in its 50-year history as a high proportion of its members shun its services in favour of credit card debt, motor loans and leases and electronic payments by direct debit ...

Read more

Will credit unions survive? - Independent

To speed onboard ticket sales, Amtrak is planning to buy 2,000 credit-card readers for conductors to use to sell tickets. Amtrak still will require most passengers to have a ticket before boarding a train, if ticket windows are open or ticket ...

Read more

Amtrak plans onboard credit sales - Philadelphia Inquirer

Credit scores appear to be slipping for consumers in Greater Cincinnati and Northern Kentucky - at a time when many people are counting on credit to survive the recession and take advantage of low mortgage rates. An analysis of auto loan applications ...

Read more

Local credit scores sliding - Cincinnati.com

PETALING JAYA: The National Consumer Complaints Centre (NCCC) is proposing that consumers using credit cards to pay for petrol at the pumps be required to key in a personal identification number (PIN) or password. “There should be more efforts to ...

Read more

 

Home | Partners | Site Map | Credit Directory