Archive for August, 2010
Avoiding Credit Card Scams
August 5th, 2010 | 
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If you are a first time credit card for years or have had credit cards, it is important to know about possible scams that you may be exposed. Although many credit card companies are perfectly honest, there are also many dishonest ones who want to rip you off. If you are not aware of the ways you can be conned or misled then you could end up losing a lot of money. Here are some of the worst credit card scams around and how to avoid them:
Debt suspension
Offer of suspension of payments are sometimes offered by banks as a way to help”to keep on track with payments. The way debt suspension works is you pay a certain amount each month so that if you can not pay your bills then no interest will accrue during this time. Although this might seem a good idea at first, the benefits are very minimal. You can not use your card while they are out of work, and even if interest was added, the payments are paid so you can work once again the balance is still payable. In essence you are paying for something that will really help. If you are getting a credit card then make sure that this type of debt suspension offer is not included in a cost to you within the payments. If you then get it removed and find an independent insurance policy that will help with your payments if you are unemployed.
Posted in Credit card | 
Tags: advice, balance transfers, cash back, credit cards, mastercard, purchases, visa | 
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Why Does Your Credit Card Rate Keep Going Up?
Have your credit card contract to read through? Do you know if it’s good for your lender increases the interest rate? If you are unsure about how and when rates may be affected during the term of the contract you should take a few minutes the contract carefully, from beginning to end.
Creditors must have clauses in their contracts that have the right to change your interest. And while rates have increased, you can be pretty sure that here you will fail in your first read through, but are buried in the contract.
If after reading the agreement is still not yet able to understand how your credit card can give to you to ask the following questions.