You can see people surrounding you saying that they are victim of credit card companies’ illegal and unauthentic rules. You would have experienced it too not even in case of credit card companies but in other fields too. Usually corporate companies don’t provide enough information about products verbally due to either lack of time or fear of loss of business since they write everything in their terms & conditions document. There you can read what will be their future policies, how they deal with a dispute, how they compensate consumers for any fault and so on. Besides this you can also ask their executives who will answer your questions. However you should discuss over these topics.
You have credit rights
Having credit card is not enough for most users until they are not aware about their credit card rights. You must discuss it with your credit executive or attorney to know what you can do in case of harassment from credit institutions.
Late fee or late payment charges
Certainly you know there is a particular titled late fee in credit card’s terms & conditions. You know there is no limit mean it can be raised as much as they want with no liability to you. Though some companies don’t do but how will you know if you are paying too much or less. Knowing about late fee will help you to make payment before due date.
Credit card companies must send an advance notice for every amendment
As per State’s law credit card issuer must send an advance notice to consumer at least 45 days prior to make a change in their services, terms & conditions or your account. In other words you may know if you move to further or you should switch to another card issuer.
Cash advances hit you twice
Cash advance is a feature in which you can convert credit into cash at emergency. Do you know it hurts twice on your pocket – first you have to pay transaction charges second it affects your APR including your credit score.
You can demand a better deal
This rule is applicable with good credit score, FICO score or peoples having finance friendly habits. If your credit score is higher you can demand and negotiate with company for lower interest rates and other charges in order to avoid your expenses made on interest rate, late fee, APR, etc.
December 3, 2011
Credit Cards