Six Credit Card Secrets No Bank Wants You To Know
By: Cornelus Postell
We
all get them from time to time. You know, the sealed envelope
in the mail that have a written message such as "You've
Been Pre-Approved For A New Credit Card From..." If you
are like me, you file them away- usually in the trashcan or
shredder! Throughout many years of receiving those offers
however, I've noticed many cerdit loopholes that anyone can
use to their advantage. Weather you already have creidit cards
or still receiving new offers the following six secrets are
what I learned to follow. Don't worry, they're easy methods
anybody can do! This way you can lower how many creditcards
you carry to one or two.
WHAT TO DO
1. Interest Backdating
THE PROBLEM: The majority of credit card issuers charge interest
starting from the day a charge is posted to your account if
you don't pay in full monthly. However you're being charged
interest starting from the date of purchase before you've
even paid the store!
THE SOLUTION: Look for another creditcard issuer, or better
yet, pay your bill in full by the due date.
2. Two-Cycle Billing
THE PROBLEM: Issuers who use this popular method of calculating
interest charge two months worth of interest for the first
month if you fail to pay off your total balance in full. It's
affecting you whenever you switch from paying in full to continuously
carrying a balance.
THE SOLUTION: You can either switch issuers or continue to
pay your balance in full each month.
3. The Right To Setoff
THE PROBLEM: You have money on deposit at a bank. Plus your
credit card is issued there. You signed an agreement when
you opened the deposit account and it permits the bank to
take those funds if you become delinquent on your creidit
card.
THE SOLUTION: You can either bank at a separate institution
or avoid delinquencies.
4. Fees Are Negotiable
THE PROBLEM: You're paying up to $50 a year or more as an
annual fee on your crdit. You also are subject to finance
charges of over 18%.
THE SOLUTION: If you're a customer who normally pays on time,
most banks are willing to reduce or drop the annual fee. Plus
reduce the interest rate but only if you ask! Otherwise, you
can switch to a lower- priced credet card.
5. Interest Rate Hikes Are Retroactive
THE PROBLEM: You signed up for a creidt card with a low introductory
rate, such as 1.9%, for six months to a year. After your time
is up, your existing credti balance is subject to the regular
or sometimes even higher interest rate.
THE SOLUTION: You can either pay your crdit balance in full
before the rate increase or close the account.
6. Shortened Due Dates
THE PROBLEM: Your initial offer included a 25-day grace period
in which to pay for new purchases without incurring finance
charges. However the bank have shortened the grace period
to 20 days.
THE SOLUTION: Ask to go back to 25 days. You can do so by
writing your bank explaining why you would rather stay at
the preferred 25-day grace period. If you're refused, then
switch to a different credit card issuer.
These creidit techniques have worked for me time and time
again, and I'm sure they will for you too. I've used them
consistently to lower the quantity of creditcards I carry
to now two. If you follow these proven techniques this way,
not only will you lower your chances of falling into debt,
your monthly bill payments will be a lot easier and simple.
About
the Author
Cornelus Postell has been in the financial industry for several
years and has worked exclusively for several major firms.
Cornelus is also the author of "Money Solutions That
Works!" You can check out his book at http://www.solutionswerks.com/.
Don't forget to sign up for his free training program filled
with uncovered hidden ways to gain financial freedom.
crdit
oline, credt onlne, credet, omline, credti onilne
•
Equal
Credit Opportunity:
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