Credit Card Company Tricks

I found a great report on another website and thought I would share it with you.  Called “Credit Card Company Tricks”, it tells you about how the card companies use subtle tricks to get you to pay them more. In this case, forewarned is forearmed.

The article can be found at http://easy-debt-reduction.com/credit-card-company-tricks/.

Credit Card Company Tricks

When you look at tempting credit card offers, keep in mind that credit card companies create all of their programs to benefit THEM, not you.

Here are some ways that they lure you in and then end up socking you with big fees:

1.) The “$35 a month” computer, TV set, jet ski…You see the bright shiny new toy. You want it. You see that you only have to pay $35 a month. Your eyes light up. You can afford that! What you don’t realize is that if you are even a day late with payments you will be hit with huge fees and your credit rating will plummet. Also, you’ll end up paying far more than the purchase price of that item if you only pay the minimum.

2.) No payments or interest for six months! And then at the end of that six months you have a used item which has probably half of it’s original value, and you will be paying it off at a high interest rate for years.

3.) Low interest for six months on all balance transfers! So you transfer thousands of dollars worth of credit card balance to this new credit card. What is going to happen in six months? The interest rate on this new credit card will shoot up. Worse, you will probably have run up the old credit cards that you had, again, and now will have a balance on the old cards and new cards.

4.) Open this new department store credit card today and save 10 percent! Opening any new credit line will ding your credit rating and could potentially cause the interest rates on ALL of your credit cards to rise.

Hope this helps,

Scott

Your Northwest Indiana Loan Guy