The next time you open up your credit card statement, take a real close look to all the “junk” inside particularly the very hard to read insert Call “changes to you credit card agreement”. That’s right the one you always throw away or say that I’ll read it later and never really do.
Since you neglected to read all that fine print you just threw away you should realize what you just did. In essence you just agreed to all the changes the credit card company made IF (and that’s a big “IF”) you use your credit card again. Most people do and don’t even read all “that stuff” in the envelope with their statement. Since these were automatic changes effective immediately or on a specific date that they set in the new terms and conditions.
Some of the ones the credit card companies use most often include, but not limited to, changing your APR (annual percentage rates) you thought that 0% would last forever? Changes to your existing fees and/or adding new fees. Let us not forget that they also like to change your grace period, the time that you can pay it off and not receive a finance charge.
If you don’t know or you don’t keep track of your credit limit…stop using it! If not you will get yourself into this next little fix. When ever you do go over the limit (they make sure and give you a little slack so they have an extra fee to charge) they hit you with an “over the limit fee” making you more over the limit and making you pay down your balance even more or you will face yet another over the limit fee the following month. There is nothing like a little $35 or more fees to cheer you up when you have to pay your bills.
If you really like higher rates on your credit card then just make sure the payment is late, that is a sure fire way of getting an increase in you APR. Some credit card companies go as far as saying your payment is late if not received by noon or 1 p.m. on the payment due date. Thanks for another $29 or more fees are the likely response from the credit card company.
If you are a procrastinator and wait until the last minute to put money in the bank for your check to the credit card company to clear then you need to be very careful. With all these new high tech devices we have these days they are a lot more efficient at processing their money taking days shorter than they did even 5-10 years ago.