Using Credit Cards? Learn How to Avoid Troubles
Credit card proves to be helpful when it comes to emergencies, especially when cash is the only option that you don’t have. When you have bought something on credit, there is some extra time between the purchase date and the billing cycle.You can get the cash and pay your bills in a timely manner
But be cautious!
Credit cards have a track record of getting people into troubles if not used it properly. To avoid this, you should follow some helpful tips mentioned in this article and keep yourself away from credit card issues.
When applying for a card, you must review the whole fee structure in a cautious way. In addition to this, you should also watch out for the carrying balance. There are a plethora of credit card companies which charge over 20% on interests on the outstanding balance which is not paid within the billing cycle.
The interest rates do not fall under the category of being fixed. In case a credit card company is altering the rate of their interest, they will ensure to notify you in writing within the 15 days. There is a chance that you might see a high interest rate charged on your outstanding balance. This is not what you thought when you applied for the credit card . Remember to read the terms and conditions before going for the credit card and ensure that you choose a recognized credit card company.
Always read your credit card statements very carefully. There might be some unknown charges added on the outstanding balance. It may be some sort of mistake or there might be some other reasons. You should at once dispute the item with the credit card company and make sure to get it fixed without any ado.
The finance charges on cash advances are way beyond the reach of common people. More significantly, the interest rates begin accruing from the date from when you withdraw the amount and it will keep on continuing to add until all the balance has been paid in full. So, always be aware of the rates of interest and fees before you choose to withdraw cash from your credit cards.
A myriad of credit card companies charge an annual fee. While many others have waived off such annual fees, but there might be a few companies to whom you will pay $50 or more for simply keeping that card.
You should watch out the credit card introductory offers. When you get an offer in your mail that provides a zero percent or low interest rate, this can be tempting mainly if you are paying a high interest rate on the additional credit cards.
All in all, always think before purchasing your credit card. If you are not in the position of paying back your credit card bills on time, credit card companies will leave no stone unturned to earn money from you in the form of high interests and fees.
Avoid being overstretched in order to stay clear of falling into debts.
David Vanatta is a content marketer who has interest in writing articles on debt relief , credit card relief.
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