Credit Card Secrets That Will Help You Out
Credit card interest rates are so high. If you are looking for a way to reduce your bills, here are some secrets that banks and credit cards don't want you to know:
1. Fees are Negotiable - This first time or two you call to lower your interest rate, you may get the runaround, but interest rates are NOT set in stone. In fact, if you have good credit, or even average credit, you can get your interest rate lowered to a more reasonable amount. Often times, what credit card companies will do is raise your interest rate after you sign up with them, so you absolutely should take the initiative and return the favor.
2. Don't Trust Rewards - Before you sign up for a credit card based upon the potential Reward or Bonus points you could win, make sure to read the fine print. Credit card companies are not in business to lose money, and unless they make a huge mistake, those rewards will never outdo what you'll pay in interest on the purchases you make. So when you get a credit card offering Airline miles, hotel discounts, etc., make sure you see how high the interest rate is.
3. Upfront Fees are for the Birds - You may have bad credit and a credit card offer will show up in your mail box offering you a way to "improve your credit score." Truth is, any credit card that charges upfront fees before they open up your account is simply going to be difficult to deal with because all they want is that upfront free. Odds are you will not have a very high credit limit, and many people experience various problems withcredit cards such as these. Those problems include: extremely high late penalties; difficult customer service; billing problems; and much more.
It is always important to remember that any credit card company is a business, and businesses are created to make money. Every promise to "help you" with rewards points, a better credit score or some other option is just not a reality. These are businesses geared towards getting as much of your money as possible, and these "promises" are just sales tactics. If you fall for these tactics, you will be out of money without much recourse. Most credit card companies have arbitration agreements written into their contracts, meaning you cannot take them to court if you feel they have taken advantage of you.
Credit card companies are businesses out to get money, not friends who love loaning you money. They should be treated with skepticism and always kept under a watchful eye.
by: J Chase
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