Credit Card Secrets – Personal Finance Help
There are plenty of things that credit card companies don’t want you to find out. There are ways that you can avoid user fees and pay zero interest on purchases. You’re a customer and every credit card company hopes to have your business. have them work for you. Here are a few excellent credit card secrets that can give you fantastic personal finance help.
1. Interest Backdating
Unfortunately many credit card companies charge you interest rates as high as 18% from the moment you buy something. Suddenly the lunch you bought at the beginning of the month for four bucks has suddenly cost you $4.72 or 18% more. The more purchases you make with that credit card the more everything will end up costing.
Other credit card companies only charge interest to those who have an outstanding balance with their account. This is a better option for those who use their credit card a lot but if you tend keep a balance each month you are sinking into debt.
There are 3 solutions for either situation that will provide a great amount of personal finance help.
Option 1: Find a new credit card company. They will compete for it.
Option 2: ALWAYS pay the total amount of your credit card balance in full. Never forget about or be late for a payment.
Option 3: Only use cash. Only use your credit card on major purchase like a fridge. This will give you time to budget and still help your credit rating.
2. Double Fees On Cash Advances
Some people don’t realize that cash advances cost you a lot of money. Many credit card companies impose both transaction fees and finance charges on cash advances. Transaction fees can be as high as 2.5% of the total amount taken. The other aspect that many people don’t take into consideration is that interest starts from moment of the advance. Suddenly the $200 you took out has suddenly ballooned to $240 in only one month. Another thing to consider is the ‘fine print’ that you need to read. Some companies offer ‘no finance charges’ but transaction fees may still apply. The solution to this problem is to limit the amount of cash advances you use or to not use them at all.
3. Eliminating Grace Periods
The offers some credit card companies draw you in with may seem a great deal better than they actually are. The $12,000 limit and the limitless rewards and benefits are usually a misleading way of finding another way to get money out of you. The usual ‘string’ attached with these issuers is a card that doesn’t have a grace period. That basically means you are charged interest on each thing you buy from day one, even if you pay the bill when it’s due. The personal finance help I am giving is to shred these ‘incredible’ offers the moment they arrive in your mailbox. There’s a good chance the card you have right now is better than anything they are offering.
In my next post I’ll continue to share some credit card secrets that will offer the personal finance help you may need. Credit cards are pretty user friendly but unfortunately there can be a hefty price tag attached to that convenience.
I suggest that you check through my blog to receive the free E-Book, free budget spreadsheet, free calculators and links to plenty of tools. We also have some leaked videos to help with your finances.
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