Credit Card Secrets
There are credit card tips, and then there are credit card techniques. These latter are unknown tricks that credit card companies play on you, as well as tricks you need to use to shed costs and pay off your debt earlier. Here are some of the finest credit card tips, tricks and systems.
1. It is easy to get rid of annual fees. If you've got good credit, just call and ask for fee to be removed. This worked on 3 out of 4 cards I called on, and I just dumped the other. Naturally the threat to do the same with the others is what got the charges dropped.
2. Read the fine print, and pay on schedule. Be aware that under \”universal default\” rules, if you are late on one card, your interest rate can be increased on other cards as well. They're keen to get you with this one.
3. Watch for changing due dates. This is a trick used by some credit card firms to get you to pay late, so they can collect the late fees. They will also be ready to raise your rate, and the rate on other cards you may have. Don't make the assumption that your payment payment date will be the same.
4. Use promotional checks with care. Moving balances to 0 interest promotions could be a sensible idea, but keep a look out for those that charge \”balance transfer fees.\” Transferring a balance that you were paying off soon anyhow will just cost you more if there's a 3% transferring fee.
5. Try credit unions for cards. Their cards generally have lower rates. My credit union Visa rate has not been over 10% in years, and I have 0 responsibility for unapproved charges.
6. Ask to have the late fee relinquished. If you've never been late before, some credit card firms will relinquish a late fee – but just if you ask. Why don't you try it? All that it requires is a phone call.
7. Pay in full every month. Credit cards are for convenience, not for hiding the true value of things. Don\’t pay interest – just pay the amount due every month.
8. Don't buy the credit card insurance. This usually stops your payments when you are injured or underemployed. It is one of the most expensively priced insurances out there, and doesn't eliminate the debt, but just delays it.
9. Avoid credit card security insurance. It pays for unapproved charges when your card is nicked, but you are only responsible for the 1st $50 if you report the burglary actually, and many cards already have 0 liability.
10. Pay high-interest cards first to reduce credit card debt. If you have $200 monthly to apply to your credit card debt, pay only the minimums only on all cards but the card with the highest rate of interest. Put all the remainder of the cash towards that one. Once that one is paid off, work on the subsequent highest. This is the quickest technique to get rid of your credit card debt, and the most significant of these credit card tips.
Learn the steps I used to repair my credit.
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