Credit Card Monsters!!
Well, there are wonderful things on the horizon as far as regulating credit card companies and their ummm, questionable practices. I was struck a bit confused when I received a statement from a credit card that had a different due date than the prior month. Then, I go online to pay it on the day due (I was almost late as I dumbly trusted the due date to be on the same day) and it tells me the payment will post on the following day! I jumped on the phone and the nice young man informed me that I must pay by a certain time on the due date or I will incur a late fee. I said fine….. close my account. I felt it was a game that I was unwilling to be a part of. Moving targets, hidden rules, wow, I don’t have time for that stuff. He agreed to wave my not even posted late fee, (one time only) and so I agreed grudgingly to not close my account. Now, every month that I carry a balance on that stupid card is a month that I would panic, check my statement, sigh, and pay the bill. I really hate credit cards!
Because those regulations that will hopefully pass won’t take affect until 2010, (not kidding)
Here are some tips to ensure avoiding those little games…..
1. Pay your credit card bill when you receive your statement. What the heck are we waiting for anyway?
2. Keep your records regarding payment information. Ever notice the only time you didn’t keep a receipt is when you needed it?
3. Clearly and strongly state your expectations when there is a concern with the company, they need your business worse than you need the card.
4. Read the fine print. I know, I know, practice what you preach Erine! Well I have been and I found that those annoying junk mailings from the card companies were little obligatory legal steps that meant they were disclosing the sale of my information, including credit worthiness, oh its fun to make that call.
5. Watch introductory offers. It used to be straight forwards, transfer your balance, get zero percent for one year. Then it became transfer your balance get zero percent on your purchases for one year. Then, transfer your balance and we are going to charge you 3% of your balance to transfer (its in your fine print), also, charge you at a rate for cash advances for your balance and give you zero interest on purchases made with select companies (the list is coming via snail mail) for 90 days, get where I am going?
I am always looking for topics folks, please email questions to erineadams@hotmail.com