Drug testing

Your Credit Card May Be Costing More Than You Think!

Do you know what your credit card is truly costing you? Many people assume that they do, but aren't familiar with the hidden fees that many credit card companies are charging. In fact, if you don't keep close tabs on your credit card, you may end up paying hundreds of extra dollars per year-without ever really knowing it!

And if you're trying to budget your money, those hidden fees can add up!

Let's take a look at some of the most common credit card fees, and then talk about how you can avoid them.

Grace Periods

In the past, we could always count on grace periods before we ever had to start paying interest. For example, if we charged our card to the limit, and could get it paid off before the grace period expired, then it would be like a free loan-we wouldn't have to pay any interest.

Unfortunately, the credit card companies are making this harder and harder to do. For starters, many of them have reduced the traditional 30 day grace period to 20-25 days.

If you hold a credit card, but didn't realize this, then you're likely paying interest without even knowing it! What's worse is that more and more credit card companies are eliminating grace periods altogether. That means if you charged lunch today at noon, at 12:01 pm, you would be already paying interest on it.

How about your credit card? You need to take a close look at the fine print and find out what kind of grace period you have. If your credit card company has reduced it significantly, or eliminated it altogether, you should seriously consider canceling it and getting a more user-friendly card.

Late Fees

When is the last time you checked to see what amount your credit card company charges you for a late fee? The truth is that these fees have doubled in just the past ten years, and that, combined with the reduced grace period, means that the credit card companies are raking in a lot of dough on late fees!

If it's possible, you should try and send off the check (or electronic transfer) the day that you receive your credit card bill. There are three reasons why it's important never to be late. The first is obvious; you will want to do everything in your power to avoid a hefty late fee. Next, if you are late, it will likely be reported to the credit agency and you will have a bad mark on your credit report. The third is the direst, and we'll discuss it below.

Interest Rate Hikes

Did you know that if you are late--even one time-on your credit card payment, the company will in all likelihood raise your interest rates? That's right; one late payment gives them the right to do it. What's more, that isn't just limited to your credit card payment. Any late payments from any lender that show up on your credit report gives them the justification to raise your rates, so be careful!

Copyright (c)2005 by Michael Ambrosio. You may publish this article on your site or in your newsletter provided this resource box remains in tact. Michael Ambrosio is the author of many credit related articles. Visit his website today: http://www.yourcreditandyou.com and rebuild your credit.

limousine chicago service
In The News:

Understanding Credit Report Score

Understanding credit report scores is important when you see your... Read More

10 Step Credit Repair Guide

The process of clearing credit can be laborious and frustrating,... Read More

Searching For A Low Interest Credit Card?

These days, people need to very carefully consider what type... Read More

Credit Report ? Watch Out for Parking Tickets

The economic downturn of the last five years has affected... Read More

Bad Credit Credit Cards

Chances are you've gotten your share of offers like this... Read More

UPS Delivers the Goods, Your Identity

Well now we add CitiGroup and UPS to the Identity... Read More

Legislators Ponder New Credit Protection Laws

Legislators in Washington, D.C. are considering several credit-related consumer protections... Read More

Credit Card Entrapment - The Secrets are Out

Have you ever wondered why your credit card bill is... Read More

Credit Scores and Loan Applications

Keep Your Credit History Clean - Remove A Negative Credit... Read More

Credit Report Disaster Through Mistaken Identity

I've got some very important info I want you to... Read More

Warning: Free Credit Report Imposter Websites Springing Up on the Web

A recent amendment to the federal Fair Credit Reporting Act... Read More

The Hazards Of Your First Credit Card

You probably don't need me to tell you credit cards... Read More

Making Sense of the Information in Your Credit Report

If you've ever applied for a credit card or loan,... Read More

Avoiding College Credit Card Traps

Congratulations college freshman! You're about to embark on one of... Read More

Choosing The Best Credit Card To Apply For

Always shop around to get the best deal when choosing... Read More

Which Credit Card?

Bewildered by the sheer variety of debit cards and credit... Read More

Keep Your Credit History Clean - Remove A Negative Credit Record From Credit Report

The three major credit bureaus, Experian, Equifax and Trans Union... Read More

How Your Credit Rating Affects You, and How to Check It

You might not know it, but every time you take... Read More

Beware of Bogus Credit Repair Companies!

So-called "credit repair" companies claim they can remove negative information... Read More

Compare Credit Card Offers and Reward Yourself

Here's a simple system on how to pay zero interest... Read More

Credit Repair Companies and Credit Counseling

Let's be crystal clear, right up front. Paying someone to... Read More

I?ve Heard About FACTA; What Does It mean?

What FACTA means is that if you, as an individual,... Read More

A Debt Mentality

While working through my own debt situation, and helping others... Read More

Rebuild Your Credit the Right Way the First Time

If you are one of the millions of people out... Read More

Student Credit Cards

STUDENT CREDIT CARDS With graduate debt averaging... Read More

outdoor induction lights led street lighting retrofit Pete's produce ..