5 Credit Card Secrets, Banks don't tell you

Read her, five Big secrets of credit cards, banks don't want you to know about. Find out how you can save money...a lots of money :)

  1. 1

    Two-Cycle Billing

    Issuers which use this method of calculating interest, charge two months worth
    of interest for the first month you failed to pay off your total balance in
    full. This issue arises only when you switch from paying in full to carrying a
    balance from month to month.
    REMEDY: Switch issuers or always pay your balance in full.

  2. 2

    Shortened Due Dates

    Most card issuers offer a 25 day grace period in which to pay for new purchases
    without incurring finance charges. Some banks have shortened the grace period to
    20 days‹but only for customers who pay in full monthly.
    REMEDY: Ask to go back to 25 days.

  3. 3

    Interest Rate Hikes Are Retroactive

    If you sign up for a credit card with a low "teaser" rate, such as 7.9%, when
    the low rate period expires, your existing balance will likely be subject to the
    regular and substantially higher interest rate.
    REMEDY: Pay in full before the rate increase or close the account.

  4. 4

    Fees Are Negotiable

    You may be paying up to $50 a year or more as an annual fee on your credit card.
    You may also be subject to finance charges of over 18%.
    REMEDY: If you are a good customer, the bank may be willing to drop the
    annual fee, and reduce the interest rate ‹ you only have to ask! Otherwise, you can switch issuers to a lower- priced card.

  5. 5

    The Right To Setoff

    If you have money on deposit at a bank, and also have your credit card there,
    you may have signed an agreement when you opened the deposit account which
    permits the bank to take those funds if you become delinquent on your credit
    card.
    REMEDY: Bank at separate institutions, or avoid delinquencies.

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